July 7, 2016 - 2:30 PM EDT
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Alpha Natural Resources bankruptcy plan gets court approval

Alpha Natural Resources Inc. received court approval for its bankruptcy plan, which includes the sale of certain core assets to its lenders.

The company said Thursday that Contura Energy, a group consisting of its lenders, will purchase its Powder River Basin mine complexes in Wyoming, among other assets. Contura will also give Alpha a $35 million credit line and will contribute up to $100 million to help Alpha's ongoing reclamation activities.

The Bristol, Virginia, company, once one of the nation's biggest coal producers, filed for Chapter 11 last August. The industry has been decimated by the historic shift in the electric power sector brought on by cheap natural gas and stricter pollution regulations.

Alpha expects to operate as a private company when it emerges from bankruptcy protection in late July.

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Source: Equities.com News (July 7, 2016 - 2:30 PM EDT)

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