October 16, 2018 / 11:32 PM / a month ago

Mission Coal files for bankruptcy after less than a year in business

Mission Coal Co LLC is seeking court protection from its creditors less than a year after it was formed, saying it has been unable to take advantage of the current high level of demand for coal by steelmakers.

In its petition for Chapter 11 bankruptcy protection filed on Monday in U.S. Bankruptcy Court for the Northern District of Alabama, Mission said it is in immediate need of capital and plans to sell mining properties it acquired at deep discount during the recent coal industry slump.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2IZwu9C

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