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Bankruptcy court approves Blackhawk Mining's post-petition financing

Blackhawk Mining LLC was granted final approval to obtain post-petition bankruptcy financing in an order from the U.S. Bankruptcy Court for the District of Delaware published Aug. 13.

The order authorizes the availability of a superpriority debtor-in-possession, or DIP, asset-based revolving credit facility in an amount up to $90 million and a superpriority DIP term loan in an amount up to $150 million. The metallurgical coal miner announced in mid-July that it would initiate a "pre-packaged" bankruptcy restructuring it expected to complete in less than 60 days.

An interim order approving Blackhawk's bankruptcy financing package was issued July 23.

The order approves $50 million in new money term loans as part of the company's exit financing. Blackhawk had announced it has sufficient liquidity to continue normal operations through the restructuring and plans to emerge with a pro forma leverage less than 2.0x debt-to-EBITDA, a figure in line with industry peers.