Tennessee-based Mission Coal files for bankruptcy protection

first_imgTennessee-based Mission Coal files for bankruptcy protection FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Mission Coal filed for Chapter 11 bankruptcy protection Sunday with the US Bankruptcy Court for the Northern District of Alabama, according to court filings.The Kingsport, Tennessee-based company, which produces and markets mostly metallurgical coal, was formed in January through a reorganization that combined and consolidated the operations of Seneca Coal Resources and Seminole Coal Resources.Mission Coal has two deep mines and one surface mine in West Virginia and one deep mine in Alabama with coal qualities varying between low-volatility, mid-volatility and high-volatility coal. Through Sunday, the company had spent roughly $28 million upgrading the mining complexes, according to the filing, but “despite favorable market forces and commodity pricing,” Mission was unable to maximize the value of their operations.Mission has roughly $175 million in debt, including $104 million outstanding under a first lien secured term loan and $71 million outstanding under a second lien secured term loan. As of Sunday, the company’s total cash balance is about $55,000, and does “not have readily available sources of additional financing,” according to the filing.The company said an asset sale through the Chapter 11 process will maximize the ultimate realized value for its stakeholders and its aim is to “conclude negotiations with all key stakeholders, propose a Chapter 11 plan with the support of as many of [the] other stakeholders and creditors as possible, and comply with milestones provided in … debtor-in-possession financing to expeditiously and efficiently execute a sale of Mission Coal’s assets.”More ($): U.S. coal miner Mission Coal files for Chapter 11 bankruptcylast_img read more

Salah having a medical Merseyside today

first_imgHe made just 19 appearances there, spending most of his time at the club out on loan in Italy. Photo © Pixabay It’s understood Liverpool are close to signing Mohamed Salah for around 38-million euro.The Roma winger’s having a medical on Merseyside today before completing the deal.It would see him return to the Premier League after a previous spell with Chelsea.last_img