The notice further states that “the WLB Debtors received several bids for the Buckingham Mine, which is a Non-Core Asset. The WLB Debtors intend to seek approval of a sale of the Buckingham Mine pursuant to procedures separate from those set forth in the Bidding Procedures Order….The WLB Debtors [also] received bids for certain of the Non-Core Assets other than the Buckingham Mine. While those bids were not Qualified Bids, the WLB Debtors intend to continue to evaluate such bids, in consultation with the Consultation Parties….because no other Qualified Bid was received, the WLB Debtors have selected the Stalking Horse Bid as the Successful Bid for the Core Assets and the Non-Core Assets except for the Buckingham Mine; provided that the WLB Debtors may decide to enter into a sale of the (non-Buckingham) Non-Core Assets to a bidder other than the Stalking Horse Bidder, which the WLB Debtors will announce by separate notice filed with the Court.”
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The post Westmoreland Coal Company – Cancels Auction and Designates Entity Comprised of Prepetition Lenders as the Successful Bidder appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.