January 25, 2019 / 1:09 AM / 6 months ago

Bankrupt coal producer Westmoreland pressing quick sale of Wyoming mine

Bankrupt coal producer Westmoreland Coal Co on Thursday sought court approval to accelerate its plan to auction off its Kemmerer surface mine in Wyoming even though it has yet to lock in a so-called stalking horse bidder to put a floor on offers.

Westmoreland in a filing in U.S. Bankruptcy Court in Houston argued for an order endorsing its bidding procedures for a fast sale, noting it is “running out of time” to close a deal in line with a Chapter 11 bankruptcy reorganization that goes into effect at the end of February.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Wi8HrG

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