August 29, 2019 / 10:02 PM / 25 days ago

IN BRIEF: Judge approves coal producer Blackhawk's debt-for-equity restructuring

Blackhawk Mining Co is poised to exit bankruptcy largely as it hoped for after the judge in its Chapter 11 case on Thursday approved its prepackaged reorganization plan, which sheds more than $650 million of the coal producer’s $1.1 billion in debt.

The endorsement by Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Delaware came just over a month after Blackhawk filed its Chapter 11 petition to pursue what Chief Financial Officer Jesse Parrish told Reuters would be a balance- sheet restructuring.

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