Alpha Natural Resources Calls Off Auction for Wyoming Mines
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It was a busy weekend for Alpha Natural Resources’ lawyers. No sooner had word broken that Virginia environmentalist Tom Clarke had submitted a bid to buy the company, then Alpha filed a notice Friday saying the auction planned for today was off.
Only one qualifying bid had been submitted for the company’s core assets, among them the Belle Ayr and Eagle Butte mines outside Gillette, Alpha’s attorneys wrote.
The owner of the one qualified bid? That would be the company’s senior lenders, who proposed a $500 million minimum bid when the auction was first announced back in March.
More details emerged late Saturday. In an updated disclosure statement, the company said it had contacted 150 potential buyers, received 17 indications of interest and nine final bids.
Source: (May 16, 2016) Casper Star Tribune
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