July 19, 2019 / 9:40 PM / 2 months ago

Coal producer Blackhawk files for bankruptcy, seeking August exit

Coal producer Blackhawk Mining LLC filed for bankruptcy protection on Friday as expected, in a prepackaged deal with its lenders to turn much of its $1.1 billion in debt into equity in a Chapter 11 reorganization it aims to complete by late August.

In papers filed in U.S. Bankruptcy Court in Delaware, Chief Financial Officer Jesse Parrish proposed a hearing on Aug. 28 for Blackhawk to argue for approval of its prepackaged reorganization plan, which he said represents a “comprehensive balance sheet restructuring.”

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