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

Bundesliga stars get coronavirus tests results same-day

first_img Loading… Several Bundesliga players are being tested daily and receiving same day results after coronavirus cases were discovered in their squad. Cologne have ramped up their player checks following the three positive tests revealed on Friday, a development that will alert the Premier League as they monitor how Germany are attempting to resume football amid the coronavirus pandemic. Cologne have announced that three members of their staff have tested positive for Covid-19 The trio of players were put in a 14-day quarantine though training was able to continue. The remaining members of the training group the infected players were part of are currently being checked every 24 hours. Testing every three days remains in place for the rest of the squad. None of the players in the affected group have returned positive results since Friday along with the rest of Markus Gisdol’s squad, who were working in groups of eight or nine. But the news casts fresh doubts over hopes that the Bundesliga will restart later this month German clubs have been back in training since last month with restrictions ahead of a planned return to full training this week and then games this month. May 16 and May 23 are the two resumption dates under consideration. Though those comeback hopes may be hit by confirmation yesterday from the DFL, organisers of the Bundesliga and Bundesliga 2, that a further 10 positive cases have been discovered from a total of 1724 carried out on players and staff from cubs in the two divisions. A second wave of tests will now take place this week. Cologne, 10th in the Bundesliga, have been able to fast-track results of those in the daily testing group by effectively pushing players’ to the front of the queue to get their tests checked at a laboratory in the city. Clubs across the Bundesliga will be able to replicate a similar process at their local labs should they need to though whether footballers should be given that privilege has split opinion in Germany. Jordan Torunarigha from Hertha BSC is seen taking a coronavirus test while at his club Read Also: Ronaldo enters 14-day quarantine after returning to Juventus That will form a central part of the discussions when Chancellor Angela Merkel and the 16 regional state premiers meet on Wednesday to discuss Germany’s lockdown measures. The outcome of the talks, which football authorities here will be keeping a close eye on with Germany ahead of England in the process, will be decisive in whether football is given the go-ahead to return or not. FacebookTwitterWhatsAppEmail分享 center_img Promoted ContentThe Funniest Prankster Grandma And Her GrandsonCouples Who Celebrated Their Union In A Unique, Unforgettable WayTop 7 Best Car Manufacturers Of All Time9 Facts You Should Know Before Getting A TattooUse Your Zodiac Signs To Find A Perfect JobThe Biggest Cities In The World So FarTop 10 TV Friends Who Used To Be Enemies7 Universities In The World Where Education Costs Too MuchWho Is The Most Powerful Woman On Earth?Which Country Is The Most Romantic In The World?Birds Enjoy Living In A Gallery Space Created For ThemA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Daylast_img read more

Cazorla joins Qatar’s Al Sadd

first_imgRelatedPosts COVID-19: Traore withdraws from Spain squad UEFA Nations League: Spain’s Gaya nets late goal to snatch draw with Germany Adama Traore tests positive for coronavirus Qatari side Al Sadd have reached an agreement to sign Santi Cazorla after the Spanish midfielder confirmed his departure from La Liga side Villarreal, the Qatar Stars League club announced on Monday.Cazorla, 35, played his final game for Villarreal on Sunday as they ended their league campaign with a 4-0 win over Eibar to finish fifth in the standings and secure Europa League qualification. Al Sadd are managed by Cazorla’s former Spain teammate and Barcelona midfielder Xavi, who recently renewed his managerial contract for the 2020-21 season.“We have reached an agreement with Santi Cazorla,” Al-Sadd said on Twitter. “He will reach Doha soon to complete the formalities and join the team.”Cazorla had three stints at Villarreal, making more than 300 appearances and registering 57 goals and 57 assists.The Spaniard also spent six seasons at Premier League side Arsenal where he won the FA Cup twice, but his appearances in his final two seasons with the club were limited due to a foot injury that threatened to prematurely end his career.Capped 81 times by Spain, Cazorla was also a member of the squad that won Euro 2008 and 2012. Tags: santi cazorlaSpainVillareallast_img read more