latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/lighthouse-receives-no-stalking-horse-bids-on-washington-coal-export-facility-61900924 content esgSubNav
In This List

Lighthouse receives no stalking horse bids on Washington coal export facility

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Video

S&P Capital IQ Pro | Powered by Expert Insights

451 Research Podcast

Next in Tech | Episode 41: IoT's Role in Energy and Utilities

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding


Lighthouse receives no stalking horse bids on Washington coal export facility

Lighthouse Resources Inc. received no stalking horse bids in the attempted bankruptcy sale of its long-stalled West Coast coal export facility.

The Utah-based company asked the bankruptcy court to approve a deal transitioning control of the export facility owned by Millennium Bulk Terminals-Longview LLC to Northwest Alloys Inc. in a Dec. 23 filing with the U.S. Bankruptcy Court for the District of Delaware. Northwest Alloys is a subsidiary of Pittsburgh-based steelmaker Alcoa Corp.

Lighthouse previously asked the bankruptcy court to approve an expedited sale process for the terminal but said it received no stalking horse bids on the controversial Washington coal export facility.

Without a stalking horse bid, Lighthouse said the company "can no longer justify the continued cash outlay" required for the Millennium operations. On Dec. 23, Lighthouse entered into a transition agreement with Northwest to terminate the sale process and reject its current ground lease with Northwest.

Lighthouse had intended to build a port with an export capacity of 44 million tons of coal per year, according to its website. Over more than eight years, the company faced numerous regulatory and legal obstacles to building a facility U.S. coal producers once hoped would provide markets in Asia.