According to the U.S. Bankruptcy Court docket, the Court approved Alpha Natural Resources’ motion for entry of (a) an order establishing bid and sale procedures for the potential sale of certain mining properties and related assets and granting related relief and (b) one or more orders approving the sale of such properties.
As previously reported, “A significant number of the Assets relating to the Inactive Mines previously have been marketed for sale, and the Debtors believe that the Bidding Procedures will maximize their ability to bring any sales of such Assets to a prompt conclusion. Such sales will help the Debtors monetize the Assets and free the Debtors from incurring additional expenses relating to these properties. Similarly, the Bidding Procedures are expected to help maximize the value of the non-core assets that may be added to the Asset Schedule. The Debtors propose to sell the Assets free and clear of liens, claims and encumbrances and to assume and assign to buyers certain Executory Contracts in connection therewith. The Debtors are prepared to conduct a robust public sale process to provide an opportunity for parties to purchase all or any portion of the Assets.”
The deadline to submit qualified competing bids is January 20, 2016 and an auction, if necessary, will be conducted on January 27, 2016. Read more ANR bankruptcy news.