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

Deer Park Murder Suspect’s Alleged Accomplice Arrested

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A second suspect has been arrested for his alleged role in a shooting that killed a 25-year-old man and wounded a second victim in Deer Park last year, Suffolk County police said.Demar Rose, 27, of Deer Park, was charged Tuesday with second-degree murder. Another suspect, 23-year-old Jhamek Daniels of Brentwood, was arrested three weeks ago in the same case. Daniels has pleaded not guilty to second-degree murder and second-degree attempted murder.Homicide Squad detectives alleged that Daniels and Rose fatally shot Jean Yves, of Wyandanch, in the parking lot of the Night Owl Lounge on Long Island Avenue at 2:22 a.m. on Jan.16, 2014. A second man identified as 23-year-old Javonne Mimms was wounded in the shooting, police said. The victims were taken to a local hospital, where Yves died and Mimms was treated for a gunshot wound to the chest.Police had said at the time that the two victims were in a Cadillac that pulled into the parking lot when two people in a group standing outside fired several shots at the vehicle. The group that the suspects were with fled in two vehicles, authorities said. A third person in the victims’ vehicle was not struck by the gunfire.Police had also said at the time that they were investigating whether the shooting was gang-related. Upon the arrest of Daniels, investigators said that the shooting stemmed from a prior dispute at the bar.Rose will be arraigned Wednesday at First District Court in Central Islip. Daniels, who was denied bail, is due back in court March 11.last_img read more

Chelsea open up why N’golo Kante missed first training

first_imgN’Golo Kante was granted compassionate leave to miss Chelsea training because of his fears over the Premier League restart. Kante, 29, returned to training on Tuesday as part of the league’s phase one training ahead of a potential resumption of England’s top flight. Kante isn’t the only high-profile Premier League player to not return to training as Watford captain Troy Deeney has refused to train due to COVID-19 fears. “We’re due back in this week. I’ve said I’m not going in,” the 31-year-old told Talk The Talk podcast. “We’re all in this week – every Premier League club, at some point, they’re back in. I’ve said personally I’m not going back in. It’s nothing personally to do with, I know Joey mentioned it, It’s nothing to do with financial gain. But the midfielder is understood to hold concerns over the safety of a return to training amid the coronavirus crisis and was allowed to miss Wednesday’s training session with full consent of Chelsea manager Frank Lampard, according to The Telegraph. The Frenchman had a health scare in 2018 when he passed out in the dressing at Chelsea’s training base. While cardiology tests did not show any underlining issues, he was forced to withdraw from the subsequent fixture. He also suffered family tragedy before the World Cup in the same year as his older brother Niama sadly died after suffering a heart attack.Advertisement Read Also: Premier League: Two Chelsea stars pen new deals “Hand on heart, if I were to go into full detail about my personal situation, everyone here would go ‘no problem, I fully understand what you’re saying.’ “Within the meeting, I’ve asked very simple questions – for black, Asian and mixed ethnicity, you’re four times more likely to get the illness and are twice as likely to have long lasting illnesses, is there any additional screening, heart stuff to see if anyone has got problems from that? No. Okay, well I feel like that should be addressed.” FacebookTwitterWhatsAppEmail分享 center_img Loading… Promoted ContentThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreCouples Who Celebrated Their Union In A Unique, Unforgettable Way7 Theories About The Death Of Our UniverseBest & Worst Celebrity Endorsed Games Ever MadeTop 10 Disney Male Role ModelsWho Earns More Than Ronaldo?7 Facts About Black Holes That Will Blow Your MindPlaying Games For Hours Can Do This To Your BodyHe Didn’t Agree With His Character Becoming Gay And Quit A Role10 Risky Jobs Some Women Do7 Universities In The World With The Highest Market Value7 Ways To Understand Your Girlfriend Betterlast_img read more