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Alpha Natural Resources Bankruptcy Plan Effective

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Alpha Natural Resources’ Second Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The Court confirmed the Plan on July 12, 2016.

The Company emerges smaller, operating 18 mines and eight preparation plants in West Virginia and Kentucky. David Stetson was appointed C.E.O. of the reorganized company. Stetson states, “By completing this restructuring, ANR emerges as a company with a solid financial foundation and a strong team to continue to mine and sell coal. We are now also better positioned to satisfy ANR’s environmental responsibilities. I am confident – even though coal markets continue to be challenged by both competitive and regulatory pressures – the company created by our Plan of Reorganization will have the structure, resources, and talent to successfully weather these challenges.”

Separately, Contura Energy announced its acquisition of certain core coal assets from Alpha Natural Resources. Formed and majority-owned by a group of Alpha Natural Resources’ first lien lenders, Contura Energy is a well-capitalized entity, created to acquire and operate Alpha Natural Resources’ core operations in Northern Appalachia, the Powder River Basin and Central Appalachia. Contura Energy will be led by C.E.O. Kevin Crutchfield and maintain a workforce of more than 2,200 former Alpha Natural Resources employees.

This coal miner and supplier filed for Chapter 11 protection on August 3, 2015, listing $10.7 billion in pre-petition assets. Read more ANR bankruptcy news.

The post Alpha Natural Resources Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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