Bidding On Blackjewel

A federal judge approved a bidding process for mines owned by bankrupt coal operator Blackjewel LLC.U.S. Bankruptcy Judge Frank Volk in Charleston on Friday approved a motion by Blackjewel on a proposal made by Bristol, Tennessee-based Contura Energy.Contura has offered $20.6 million as the main bidder for three mines owned by Milton-based Blackjewel. Blackjewel filed for Chapter 11 bankruptcy protection July 1.If other qualifying bids are made by a Wednesday deadline, an auction would be held on Thursday. Blackjewel attorney Stephen Lerner says any party could bid on any combination of Blackjewel’s assets.

Source: MG News

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