Walter Energy Closes Sale of U.S. Assets to Seminole Coal Resources
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Walter Energy, Inc. has closed the sale of certain U.S. non-core assets to Seminole Coal Resources, LLC, ERP Compliant Coke, LLC and ERP Environmental Fund, Inc. (Seminole) all affiliates of ERP Compliant Fuels, LLC (ERP) and Virginia Conservation Legacy Fund, Inc. (VCLF).
Under the terms of the agreement, Seminole has acquired Walter Energy’s assets in West Virginia, including the Gauley Eagle and Maple properties, as well as the Walter Coke facility and Taft in Alabama. As part of the acquisition, Seminole assumes certain liabilities related to the assets it is acquiring. The agreement was previously approved by the Bankruptcy Court for the Northern District of Alabama in connection with a court-approved sale process under section 363 of the Bankruptcy Code.
With the close of this sale, Walter Energy’s remaining U.S. assets consist of its core Alabama coal operations. The sale of those assets to its senior lender group was also approved by the Bankruptcy Court and is expected to close in the near future.
On July 15, 2015, Walter Energy and its U.S. subsidiaries filed for relief under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Northern District of Alabama.
About Walter Energy
Walter Energy is a leading metallurgical coal producer for the global steel industry with strategic access to steel producers in Europe, Asia and South America. The company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas, with operations in the United States, Canada and the United Kingdom.
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