Signature Sponsor
Westmoreland Announces Court Confirmation of Chapter 11 Plan

 

 

March 4, 2019 - Westmoreland Coal Company (OTCMKTS: WLBAQ) announced today that the United States Bankruptcy Court for the Southern District of Texas, Houston Division (“the Court”) approved the going-concern sale of its assets pursuant to its Chapter 11 plan (“the Plan”). Westmoreland expects to complete transactions associated with its financial restructuring -- which will preserve over a thousand jobs in the U.S. and Canada -- and emerge from Chapter 11 protection by the end of the first quarter 2019.

 

 

Under the terms of the Plan, Westmoreland’s first lien creditors will take ownership of the Company’s assets, including its Colstrip, Montana; San Juan, New Mexico; and Canada operations (with the exception of Kemmerer mine operations). Westmoreland’s mine assets will remain in operation under new leadership and the Company will continue operating in the normal course, emerging with a strengthened balance sheet and better positioned to succeed.