Power plant closures are turning Westmoreland’s minemouth assets into liabilities

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Two lawyers who specialize in Chapter 11 restructuring see differing paths for Westmoreland Coal Co.: shedding debt and coming back as a leaner company with lenders in control or breaking up by selling most of its assets.Pending bankruptcy court approval, the company plans to sell its core assets, which includes its San Juan operations in New Mexico as well as its Rosebud mine in Montana, to the highest bidder. Its lenders would act as a stalking horse bidder and take the assets in exchange for the company’s debt if there are no higher offers.Steven Abramowitz, a partner with the law firm Vinson & Elkins LLP who focuses on restructuring and bankruptcy, said the lenders usually buy the assets in these sorts of cases, noting that the lenders probably know there’s little chance of another entity paying more than the value of Westmoreland’s debt.Westmoreland also intends to sell some of its noncore assets, which include the Absaloka and Savage mines in Montana; the Beulah mine in North Dakota; the Buckingham mine in Ohio; the Haystack mine in Wyoming; and the Jewett mine in Texas.Peter Morgan, senior attorney with the Sierra Club focusing on issues related to coal, including bankruptcies, said the company’s bankruptcy is taking “a very different form” than the recent Chapter 11 proceedings of other coal producers, such as Peabody Energy Corp., Alpha Natural Resources Inc. and Arch Coal Inc. While those companies’ restructuring plans helped them shed some debt while continuing normal operations throughout their proceedings, he said, “Westmoreland really seems like it’s just being split up and sold for parts.”Morgan questioned the value of the company’s core assets — minemouth operations that service coal-fired power plants with units that are scheduled to retire within a decade. Rosebud sells its coal to Colstrip, a plant that will shutter its two older units by 2022 and may close down the remaining two units in 2027. The San Juan mine sells to the San Juan plant, which is slated to retire after its existing coal contract expires in 2022. “When your crown jewels, when your most valuable assets are mines that are inextricably tied to power plants that are in the process of closing,” Morgan said, “that suggests that there’s very little value left in that company.”More ($): With few potential buyers for its mines, Westmoreland could be ‘sold for parts Power plant closures are turning Westmoreland’s minemouth assets into liabilitieslast_img read more

DOH-6: No studies show ‘tuob’ effective against coronavirus

first_imgPULMONES. PIA Steam inhalation may also increase secretion in the nose and could then possibly spread viruses through sneezing and coughing, she added. “Tuob” is the practice of steam inhalation where an individual covers his/her head with a towel or large piece of cloth to inhale steam from a small basin with hot water which can be infused with salt, lemon, ginger, or other ingredients. According to Pulmones, such therapy may pose more harmful effects and danger to individuals. It may also lead to accidents. “It could even cause burns,” Pulmones said. DOH-CHD 6 Local Health Support Division chief Dr. Ma. Sophia Pulmones said there are no studies providing evidences that inhalation of steam is effective against the virus. “There is no scientific evidence that it can eliminate SARS-CoV-2, the virus that causes COVID-19,” she said. ILOILO City – The Department of Health-Center for Health Development in Western Visayas (DOH-CHD 6) has warned the public against the use of “tuob” or steam inhalation to eliminate SARS-CoV-2, the virus that causes coronavirus disease (COVID-19). According to DOH, there are studies from the US Centers for Disease Control and Prevention and the World Health Organization that dismiss steam therapy as a cure for COVID-19. (With a report from PIA/PN)last_img read more

Mork family donates $110 million to USC

first_imgDavid Lowenstein contributed to this report. President C. L. Max Nikias and Vice President of Admissions and Planning Katharine Harrington held a ceremony at the Ronald Tutor Campus Center yesterday to announce USC has received the largest single scholarship donation in the university’s history.Julie and John Mork donated $110 million to USC to fund the Mork Family Scholars Program, which will provide a select group of undergraduate students full tuition and $5,000 living stipends for four years.Celebrate · President C. L. Max Nikias speaks about the Mork family and their $110 million donation. John Mork graduated from USC with a degree in engineering in 1970. – Kelvin Kuo | Daily Trojan “I’m thrilled about the future. We were worried education is going up cost-wise and great kids cannot get in,” John Mork said. “We want to help anyway we can. We are really blessed to be able to do this.”About 100 undergraduates will benefit from the scholarships each year, according to the Los Angeles Times.The Mork family specifically requested a portion of each year’s Mork Scholars come from high schools in the community surrounding the USC area.“Julie and John and their family believe that education plays a valuable role in life,” Nikias said. “The greatest gift given to another individual is the gift of education.”Nikias, who has been president of the university for about eight months, has helped acquire five sizable donations already.When Nikias was inaugurated Oct. 15, trustee Ming Hsieh announced a $50 million donation to the university for cancer research, and the Annenberg Foundation announced a $50 million donation to construct a new building for the Annenberg School for Communication & Journalism. More recently, Dana and David Dornsife donated $200 million in an unrestricted endowment to the USC College of Letters, Arts & Sciences. Roger and Michele Dedeaux Engemann have also donated $15 million to build a new student health center.This new scholarship fund will assist students who could otherwise not afford USC.“It is great that the scholarships will help students from local communities who may be doing well in school, but facing local disparities,” said Carmina Gomez, a senior majoring in health promotion and disease prevention.Mork Scholars will have the same benefits as Trustee and Presidential Scholars, which include living at the residential honors college and access to other programs throughout their time at USC.Lisa Verzemnieks, a Trustee Scholar and senior majoring in civil engineering, said her scholarship changed her educational path.“My family was not in the position to send me to my dream school, but being a Trustee Scholar has given me more opportunities than I could have ever imagine,” Verzemneiks said. “I would not be here without people like the Mork family.”John Mork graduated from USC in 1970 with a degree in petroleum engineering.He is currently the chief executive of Energy Corp. of America, a private company that handles the exploration, extraction, production and transportation of natural gas and oil, based in Denver, Colorado.Julie Mork, who graduated from UCLA, is the managing director of the Energy Corp. of America Foundation, a charitable organization that focuses on children and education.The Morks are not new to offering philanthropic gifts to the university. In 2005, the family donated $15 million to benefit the USC Viterbi School of Engineering, and the department of Chemical Engineering and Materials Science is now named in honor of the Mork family.To show appreciation for their gift, USC will be place a plaque with the names and images of the Mork family at Bovard Auditorium.“This may seem like a celebration of a gift, but it is really a celebration of the future,” Mork said.last_img read more