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

What we know about possible COVID-19 transmission from freight and packages

first_imgWhat experts say about the risk of infection from packaging:-Studies suggest the virus can linger on packaging material between hours and days, depending on the material, temperature and humidity, according to the World Health Organization. The virus can stay 4-5 days on plastic or paper.-There is currently no evidence that people can catch COVID-19 from food or food packaging, according to the WHO, a view backed by the US Centers for Disease Control and Prevention and other government agencies. Coronaviruses cannot multiply in food – they need a live animal or human host to multiply and survive.-Since the new coronavirus cannot replicate on the surface of food or packaging, it can only become gradually weaker outside a living cell, said Jin Dong-Yan, virology professor at the University of Hong Kong.He did not rule out that a person could spread droplets containing the virus on the surface of food, or a package, and someone else could then contract the virus by touching the surface and then their mouth or nose. But such a case would be rare, he said.-Infection from contact with a frozen virus through imported food “is still not to be considered a major route of infection and still not an event that should substantially affect policy at the public health levels,” said Eyal Leshem, director of the Center for Travel Medicine and Tropical Diseases at Sheba Medical Center in Israel.-“The number of virus particles coming out a person’s mouth or nose is far greater than a few virus particles remaining on frozen foods, somebody touching it and then spreading it,” said T. Jacob John, retired professor of clinical virology at Christian Medical College, Vellore, India.”Among all the risks, I think these are very low risks.” -New Zealand reported its first COVID-19 cases in more than three months on Wednesday, prompting a swift reimposition of movement restrictions. Health officials raised the possibility that the virus had arrived in New Zealand via freight, given one of the infected people works at a cool store that takes imported frozen goods from overseas.-China said on Thursday a sample of frozen chicken wings imported into Shenzhen from Brazil had tested positive for the virus. The discovery by local disease control centers was part of routine screenings of meat and seafood imports that have been carried out since June, when a new outbreak in Beijing was linked to the city’s Xinfadi wholesale food center.-Earlier this week, traces of the virus were found in China on the packaging of frozen shrimp from Ecuador and on the outer packaging of imported frozen seafood that arrived at Yantai port from Dalian in northeast China.-Chinese customs officers first found the virus in packaging from Ecuador on July 10. It marked the first positive results from 227,934 samples that had been taken from imported foods, their packaging, and the environment. Topics :center_img China reported several cases of frozen food packaging contaminated with the novel coronavirus this week, while New Zealand said it is investigating the possibility that its latest COVID-19 cases could be traced to imported freight.Here’s what has happened and what experts say about it:What’s happened:last_img read more

Britain’s Prince Andrew halts public duties over sex scandal

first_imgBritain’s Prince Andrew, Duke of York, visits the Royal National Orthopedic Hospital to open the new Stanmore Building, in London on March 21. DAVID MIRZOEFF/ POOL VIA REUTERS/FILE PHOTO Andrew, QueenElizabeth’s second son, denied an allegation that he had sex with a 17-year-oldgirl procured for him by his friend Epstein, who killed himself in a US prisonin August while awaiting trial on sex trafficking charges. LONDON –Britain’s Prince Andrew stepped down from public duties on Wednesday, sayingthe controversy surrounding his “ill-judged” association with late UnitedStates financier Jeffrey Epstein had caused major disruption to the royalfamily’s work.center_img “I have askedHer Majesty if I may step back from public duties for the foreseeable future,and she has given her permission,” said Andrew, whose official title is theDuke of York.(Reuters)last_img read more

Ozil not after easy life – Wenger

first_img The Germany playmaker’s £43million move on transfer deadline day was met with disbelief from several former team-mates at the Bernabeu, with Ozil suggesting he felt no longer central to the plans of Real Madrid manager Carlo Ancelotti following the world-record signing of Gareth Bale from Tottenham. However, Real Madrid president Florentino Perez has subsequently claimed Ozil in fact asked to leave the Spanish club because “he couldn’t handle the pressure at Madrid”. Arsenal manager Arsene Wenger maintains club-record signing Mesut Ozil has shown no signs of wanting to leave Real Madrid for an easier life at the Emirates Stadium. Wenger, though, insists Ozil – who made an impressive contribution in both his Arsenal appearances so far and is set to play at his new home for the first time against Stoke on Sunday – is the complete professional. “No, I have not seen that at all,” said Wenger when asked if Ozil looked like a player seeking the easy life away from Madrid. “He is 24, he has over 50 caps for Germany and when you play for Germany, you are under a lot of pressure. He won the championship with Real Madrid, and that is a club where there is a lot of pressure, but I could not detect that. “Ozil has integrated well, and been well accepted. “I think he is not at the top physically yet, overall we are very pleased to have him with us, but he will demand a bit of time to adjust to the vigorous body challenges he will face here in the Premier league. “Once he has done that, he will be even stronger.” A player who has certainly come on leaps and bounds in the first few games of the new campaign is Aaron Ramsey. The Wales midfielder, 22, scored his sixth Arsenal goal in the 2-1 Champions League win in Marseille on Wednesday night, as he continues to go from strength to strength – and showing no ill effects from a potentially career-ending double-leg break suffered in a tackle from Stoke defender Ryan Shawcross at the Britannia Stadium in February 2010. Press Association Wenger was never in doubt Ramsey, signed for £5million from home-town club Cardiff in the summer of 2008, would emerge into a great talent. “There is a basic rule in our game – when you have a big injury before the age of 20, you come back and redevelop completely normally, once the psychological damage is out of your head, so I was not too much worried, but you never know how big, how deep the impact is psychologically,” the Arsenal boss said. “It took him a long time to get completely over that, especially in the duels, in the fights. He had a little resistance to go into the fights for a long time. Now he is over it and also scores goals now, he has improved tremendously on that front. “He has a great engine, great spirit and has an obsession – he wants always to be better. That is of course very good ingredients. “Ramsey had a difficult period in mid-season where people became a little bit impatient with him. He lost confidence and sometimes you give the players a little rest, they can rebuild their confidence, they can think about their game and they came come back stronger. That’s what happened to him.” Wenger added: “I believe that every test that you pass, you come back mentally stronger. It is a good test as well because in our career you go through periods where people like you a bit less or hate you a bit more and if you can deal with that, it makes you stronger.” Arsenal could have Mikel Arteta in the squad for the first time this season as he steps up his recovery from a thigh problem. Wenger said: “When every body is back, there is competition for places, especially in midfield.” last_img read more

Injury-depleted Clippers enjoy a rare lopsided victory with rout of Suns

first_imgPreviousLos Angeles Clippers center Willie Reed celebrates after making a basket against the Phoenix Suns during the second half of an NBA basketball game in Los Angeles, Wednesday, Dec. 20, 2017. The Clippers won 108-95. (AP Photo/Chris Carlson)Suns TJ Warren, #12, and Clippers Willie Reed, #35, battle for a loose ball during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)The Clippers’ Jawun Evans, left, is fouled by the Suns’ Tyler Ulis during the first half of Wednesday’s game at Staples Center. (Photo by David Crane, Los Angeles Daily News/SCNG) SoundThe gallery will resume insecondsClippers Sam Dekker, #7, deflects a pass intended for Suns TJ Warren, #12, during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)Clippers Jawun Evans, #1, is fouled by Suns TJ Warren, #12, during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)Los Angeles Clippers center Willie Reed, middle, tries to knock the ball away from Phoenix Suns center Alex Len, right, and guard Isaiah Canaan during the first half of an NBA basketball game in Los Angeles, Wednesday, Dec. 20, 2017. (AP Photo/Chris Carlson)Suns TJ Warren, #12, and Clippers Willie Reed, #35, battle for a loose ball during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)Clippers C.J. Williams, #9, looses the ball as Suns Isaiah Canaan, #2, defends during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)Clippers Montrezl Harrell, #5, is fouled by Suns Troy Daniels, #30, during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)Clippers DeAndre Jordan, #6, blocks a shot attempt by Suns Marquese Chriss, #0, during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)Phoenix Suns forward TJ Warren, left, dives for a loose ball past Los Angeles Clippers guard Lou Williams during the first half of an NBA basketball game in Los Angeles, Wednesday, Dec. 20, 2017. (AP Photo/Chris Carlson)Phoenix Suns forward Josh Jackson, middle, shoots between Los Angeles Clippers forward Sam Dekker, left, and center DeAndre Jordan during the first half of an NBA basketball game in Los Angeles, Wednesday, Dec. 20, 2017. (AP Photo/Chris Carlson)Los Angeles Clippers center DeAndre Jordan dunks as Phoenix Suns center Alex Len watches during the first half of an NBA basketball game in Los Angeles, Wednesday, Dec. 20, 2017. (AP Photo/Chris Carlson)Los Angeles Clippers center Willie Reed celebrates after making a basket against the Phoenix Suns during the second half of an NBA basketball game in Los Angeles, Wednesday, Dec. 20, 2017. The Clippers won 108-95. (AP Photo/Chris Carlson)Suns TJ Warren, #12, and Clippers Willie Reed, #35, battle for a loose ball during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)NextShow Caption1 of 13Suns TJ Warren, #12, and Clippers Willie Reed, #35, battle for a loose ball during first half action at Staples Center Wednesday, December 20, 2017. ( Photo by David Crane, Los Angeles Daily News/SCNG)ExpandLOS ANGELES — The Clippers’ season of sprains, strains and surgeries rolled inexorably onward Wednesday night at Staples Center. This time there was an element of certainty that couldn’t have happened without the presence of the Phoenix Suns.The Clippers looked like a model of stability compared to their opponents, leading from start to finish during a 108-95 victory that was never in doubt after halftime. They led by as many as 25 points and were never in jeopardy in the second half.Austin Rivers scored 21 points on 8-for-16 shooting to lead the Clippers to their first one-sided victory since the opening days of the season, before the injuries began to mount and they began to drop from among a pack of elite teams in the Western Conference.“We don’t even look to see who’s playing,” Rivers said. “We just go play. I don’t even know who’s playing until we do the lineup. Who’s out here with me tonight? So, that’s just the situation that it is. Once you stop paying attention to it and just focus on just hooping, it’s just easier. After a rough start, it seemed easy, almost routine.Phoenix (11-22) was no match for the Clippers (12-18).“I wasn’t even used to it,” Rivers said. “I was sitting on the bench, like, ‘Am I going back in?’”The Clippers started by missing their first four shots before Jamil Wilson capped a fastbreak with a dunk. They sizzled compared to the Suns, who missed their first five shots and were 1 for 9 and down 11-4 when Phoenix coach Jay Triano decided he’d seen enough and called a timeout.Slowly but certainly, the Clippers found their rhythm and eased away from the Suns. By the end of the first quarter, the Clippers increased their lead to 23-15. By halftime, the Clippers led 53-35 and seemed poised for a rare blowout victory in this injury-riddled season.Phoenix played without leading scorer Devin Booker, who had a strained left abductor. Booker averaged 24.3 points before he was hurt in the fourth quarter of the Suns’ loss to the Toronto Raptors on Dec. 5. He’s expected to be sidelined for up to three weeks.Booker might have helped the Suns stay closer after halftime, but they were lost without him on this night. The Clippers refused to be knocked off course while playing their lone home game in a stretch in which they play six of seven on the road.“We’re trying to win as many games as we can right now and hold the fort until Blake and Gallo get back,” Clippers coach Doc Rivers said, referring to injured forwards Blake Griffin (sprained left knee) and Danilo Gallinari (partially torn left gluteus maximus muscle). “You just hoop.”Rivers scored on a driving layup early in the third quarter and then sank another one on the Clippers’ next possession to extend their lead to 63-41 with 7 minutes, 57 seconds left in the third quarter. The Clippers’ lead slipped from a 25-point edge to 81-66 going into the fourth.Lou Williams added 18 points in a reserve role. DeAndre Jordan had 12 points and 20 rebounds as the Clippers warmed up for Friday’s showdown with former teammate Chris Paul and the Houston Rockets. Paul might not play after suffering an abductor strain in Wednesday’s loss to the Lakers.T.J. Warren led the Suns with 22 points.The Clippers ended a three-game losing streak with their ninth consecutive victory over the Suns at Staples Center. The Clippers had lost three in a row after winning three in a row after losing four in a row after winning three in a row after losing nine in a row.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more