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Alpha Natural Resources Objections Filed

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Multiple parties – including Aspen American Insurance Company, Fidelity & Deposit Company of Maryland, Indemnity National Insurance Company, Traveller’s Casualty & Surety Company of America, Zurich American Insurance Company, Chubb Companies, Payne-Gallatin Company, Commonwealth of Pennsylvania, Pax, Dorothy, Illinois Department of Natural Resources and D.A. Eldridge – filed with the U.S. Bankruptcy Court separate objections to Alpha Natural Resources’ sale transaction, the proposed APA’s and the sale order.

Chubb Companies explains, “The Chubb Companies object to the Sale Transaction, the Proposed APAs, and the proposed Sale Order on the basis that (i) the Chubb Companies cannot determine how the Debtors propose to treat the Chubb Insurance Program in connection with the proposed sale of assets to the Stalking Horse Bidder; (ii) the Chubb Insurance Program must be assumed and assigned, if at all, as a whole; (iii) to the extent that the Debtors seek to assume and assign the Chubb Insurance Program, the Chubb Insurance Program cannot be assigned without the consent of the Chubb Companies, which consent has not been sought or given; (iv) given the proposed bifurcated treatment of the Debtors’ insurance coverage, the Chubb Companies seek an order that the Chubb Companies are not responsible for determining which entity, as between the Debtors and the Stalking Horse Bidder, is entitled to coverage under the Chubb Insurance Program; and (v) to the extent applicable, any attempt to sell the Collateral free and clear of liens is not permissible and further, the Chubb Companies do not consent thereto.”

Read more on coal and mining bankruptcies.

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