Auction Set for Bankrupt Coal Producer Blackjewel's Assets
August 1, 2019 - An auction is set for the assets of bankrupt coal operator Blackjewel LLC.
A notice filed in federal bankruptcy court in West Virginia said the auction is scheduled for next Thursday morning in Cincinnati.
Bristol, Tennessee-based Contura Energy last week offered $20.6 million as the stalking horse bidder for Milton-based Blackjewel's Eagle Butte and Belle Ayr mines in Wyoming and Pax Surface Mine in Scarbro, West Virginia. They've been closed since Blackjewel filed for Chapter 11 bankruptcy protection July 1.
According to the bidding process, other qualifying bids made by Wednesday's deadline triggered the auction. The notice didn't disclose the other bids.
Blackjewel attorney Stephen Lerner had said any party could bid on any combination of Blackjewel's assets.
Blackjewel also operates mines in Kentucky and Virginia, and the fate of those depends on the outcome of the bidding process.