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

Brazil Sends Haiti Four Tons of Aid Due to Cholera Outbreak

first_img The Brazilian Ministry of Public Health announced Wednesday that it is sending around four tons of medicine and supplies to Haiti in response to the cholera epidemic that has left 292 dead and 4,147 people undergoing treatment. The materials sent “will be used to treat those affected by the cholera epidemic that has reached the country” and will be transported from Brasilia by an Air Force plane expected to arrive in Port-au-Prince on Thursday morning. “Flasks of sodium hypochlorite, salts for oral rehydration, injectable solution, gloves, and equipment for solution delivery are among the material sent,” the ministry indicated. The ministry’s representative on the Brazil-Haiti Managing Committee, Carlos D’Oliveira, indicated that the shipment is being made at the request of the Haitian government and that the aid will make it possible to care for around 3,000 people. “It’s not useful to send a lot of medicine, due to logistical and storage issues. The ministry will be able to send further supplements as the Haitian government needs them,” he said at the Brasilia airbase. The World Health Organization (WHO) warned in the course of the day that the epidemic could intensify and Haiti should prepare for a “worse situation.” By Dialogo October 29, 2010last_img read more

Azpilicueta: Blues can do better

first_imgCesar Azpilicueta is optimistic of a collective Chelsea improvement as the Blues bid for trophies. With nine games next month, December is a time when Chelsea can show their Barclays Premier League title credentials as they bid to win the championship for the first time since 2010. Jose Mourinho has described the period as “only for the braves” and is planning to make regular changes to his side to cope with the congestion. “Sometimes we don’t keep the level to win every game. For Chelsea that cannot be possible. “Sometimes you can lose for sure, but I think we can play better and have better games.” Mourinho was scathing after the 2-0 loss at Newcastle early in November, but refused to criticise his “tired” players following a second defeat to Basle in Champions League Group E. Despite the loss the Blues advanced to the last 16, although they must beat Steaua Bucharest on December 11 to go through as group winners. Azpilicueta was apologetic to the supporters who made the trip to Switzerland. He said: “We didn’t want to do this. We tried to do our best and it’s true they came from London and a lot of countries to be here and we didn’t have our best game. “The only thing I can say is that for the next game we will try to do better and score goals.” Azpilicueta believes the mental fatigue must be as carefully managed as the physical tiredness. “It’s normal when you play every three days that the players feel a little more tired,” he added. “The most important thing is the mental approach, to forget the tiredness of the body.” Azpilicueta has impressed since being drafted in at left-back, playing on his ‘wrong’ flank, in part due to Ashley Cole’s niggling rib problem. The Spaniard said: “The most important thing is to think about the team. The manager asked me to play there so I try to do my best. “Everyone in the squad wants to play and help the team.” Spain right-back Azpilicueta, who has been deployed at left-back in recent weeks, believes every member of the Chelsea squad can play their part. “We have nine games in December and that’s a lot,” Azpilicueta said. “We need the whole squad, there are a lot of games and if we are to win trophies, we need everyone. “The most important thing is the next game against Southampton, especially after beating West Ham we need to get three points at home.” Sunday’s Southampton contest carries additional significance as Mourinho will demand a response from the lacklustre loss at Basle, when Chelsea failed to muster a meaningful shot on goal just a few days after a dominant display at West Ham. “Sometimes it happens,” Azpilicueta added. “One day you play really well, three days later really bad. “We don’t want to have this kind of movement in our performance because it’s important to keep your balance, to play well every day. “Sometimes you cannot play very well but the most important thing is to win. Press Associationlast_img read more

Murray win sets up Nadal semi-final

first_imgAndy Murray will face six-time defending champion Rafael Nadal in the semi-finals of the Monte Carlo Masters after continuing his return to form with a comprehensive win over Portuguese qualifier Frederico Gil.The British number one powered to his third win of the week as he saw off Gil, the world number 82, 6-2 6-1 in only 72 minutes.Murray had come into the tournament desperately searching for form after three first-round defeats in succession, and having split with coaching consultant Alex Corretja, but the switch to clay appears to have worked wonders.Confident from the outset despite the windy conditions, Murray was far too strong for Gil and had him constantly on the defensive with his greater variety and weight of shot.The Scot broke serve in game three and then played the first drop shot of the day, having got on the wrong side of the home crowd 24 hours earlier for deploying the same tactic against an injured Gilles Simon.There was nothing but applause this time, however, such was the quality of the stroke, and Murray gave further evidence that his forehand is really finding its range on the clay as he broke again on his way to taking the first set. Gil, playing arguably the biggest match of his career, for once had Murray running all over the court as he earned two break points at the start of the second, but after chasing down a poor drop shot he caught the tape with a seemingly easy forehand put-away and the chance was gone.Deflated, Gil made four errors in a row to hand over another break in game three and Murray then accelerated towards the finishing line, showing off his full repertoire, with one flipped forehand almost parallel to the net a particular highlight.“It was good, I played very well today in tricky conditions,” Murray said afterwards. “I hit the ball very well for the majority of the match.”The stats suggest that, even as the world number four, Murray has little chance against the undisputed master on clay, but he is relishing Saturday’s semi-final against Nadal.“He is incredibly difficult to beat on clay but you need to believe you can win,” added the Scot. “I plan on winning the match and you need to go in with that attitude. I’ve always enjoyed playing Rafa – it’s going to be a great test.”Source: BBClast_img read more