https://www.miningweekly.com

Alpha reels in more than expected as Vantage wins $339.5m bid for coal, oil assets

18th May 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – US coal producer Alpha Natural Resources on Tuesday announced that Vantage Energy Appalachia II was the successful bidder for certain oil and natural gas assets known as the PLR assets, in south-west Pennsylvania, as its winning cash bid of $339.5-million far exceeded the previous ‘stalking horse’ bid of $200-million for those same assets.

"While we were not surprised with the interest the PLR assets generated from operators in the region, the strategic sale of these assets will only help to maximise the value of the estate for the benefit of all stakeholders. We continue to forge ahead toward the final phase of our restructuring," stated Alpha chairperson and CEO Kevin Crutchfield

Alpha and certain of its wholly-owned subsidiaries filed voluntary petitions to reorganise under Chapter 11 of the US Bankruptcy Code on August 3, 2015.

Under a court-supervised bidding process, interested potential buyers were required to submit qualified bids for any of Alpha’s assets by May 9. 

Alpha stated that the transaction would require US Bankruptcy Court approval before the agreed acquisition by Vantage could close. A hearing on this matter was currently scheduled for May 26. 

Alpha was advised on this transaction by Jackson Kelly as corporate counsel, Jones Day as restructuring counsel‎, and Rothschild as investment banker.

Alpha expected to exit bankruptcy proceedings before the end of June.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:2.468 2.502s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: