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

CFPB sets debt collection hearing, credit unions likely exempt

first_imgThe Consumer Financial Protection Bureau (CFPB) is expected to release its Small Business Regulatory Enforcement Fairness Act (SBREFA) proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking, most recently in May.CUNA has been told by the CFPB that any debt collection proposals will not include changes that impact first-party creditors. Credit unions are not expected to be included in a SBREFA panel on debt collection that is expected to be convened in August, which CUNA hopes is an indication that the bureau is considering exempting credit unions from the rulemaking.The rulemaking would make changes to the Fair Debt Collection Practices Act, and first-party creditors were deliberately excluded from the statute by Congress. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Mikel Arteta told Arsenal players to ‘run like a wolf’ in half-time team talk against Leeds

first_img Phil HaighMonday 6 Jan 2020 11:58 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link4kShares Mikel Arteta told Arsenal players to ‘run like a wolf’ in half-time team talk against Leeds Comment Martinez had a busy night against an impressive Leeds side (Picture: Getty Images)‘He was really angry but that’s what we need. We can’t switch off after a good win against Manchester United and I think we did in the first five minutes, we did switch off and that shouldn’t happen especially at home.’The Gunners came into the match against Leeds after an encouraging 2-0 win over Manchester United in the Premier League, but there was a notable drop off in performance in the first half against Leeds, which Martinez struggled to explain.‘It’s difficult to explain because maybe we didn’t expect them to be so aggressive in the first five minutes but at half-time we knew how they played and in the second half we played our game.’Arteta admitted that he was not impressed with the application of his side in the first 45 minutes, especially after warning them of what Leeds would bring to north London.‘When I see what I don’t want to see – and I’m not talking about technically or tactically – what I expect from them and the standards that we want to set in certain areas, I cannot be happy and I have to let them know,’ he said.‘I tried to convince them before the game with what to expect – they (Leeds) battered every team in the Championship every three days.‘The way they play makes it very difficult and uncomfortable. Everything is man-to-man across the pitch so it becomes a transition game. Everything is duels and 50/50s. If you’re not ready for that game, you’ll get exposed and get done. Obviously the second half was a different story.’Arsenal’s victory sets up a fourth round clash with Bournemouth at the Vitality Stadium and they are back in action on Saturday in the Premier League at Crystal Palace.AdvertisementAdvertisementMORE: Mikel Arteta says Arsenal players ignored his advice in poor first-half showing against LeedsMORE: Arsenal’s Alexandre Lacazette reveals Mikel Arteta unleashed hairdryer treatment at half-time against Leeds Advertisement Mikel Arteta wanted his side to ‘run like wolves’ against Leeds (Picture: Getty Images)Mikel Arteta told his Arsenal players they needed to ‘run like a wolf’ in a half-time dressing down against Leeds United in the FA Cup on Monday night, according to goalkeeper Emiliano Martinez.The Gunners went on to beat the Championship side 1-0 at the Emirates, but only after they were dominated in the first 45 minutes by the underdogs.The Yorkshire team played with an incredible tempo and pressed hard, forcing mistakes and creating plenty of chances in the opening minutes.Arsenal struggled through to the break and Arteta managed to sort them out, telling them in no uncertain terms that they needed to work harder or they would be out of the competition.AdvertisementAdvertisementADVERTISEMENTMartinez told Arsenal’s official website: ‘They were pressing really hard and it was very difficult to get out how we did in training but in the second half, the manager said, “If we don’t win 50/50s, we are going to lose the game.”‘The lads went out there and, the gaffer says we need to ‘run like a wolf’ and have that animal side to us. I thought we did really well, we ran like we should have from the first minute. We’re delighted for the win and we move on. Advertisementlast_img read more