Westmoreland Coal Co. emerged from Chapter 11 bankruptcy reorganization on March 15.
The company's plan of reorganization effectuated the sale of substantially all of its assets to a new entity, Westmoreland Mining LLC, a privately held company owned and operated by a group of its former creditors. The new business structure enables the business to emerge with enhanced financial flexibility and a stronger balance sheet, Westmoreland's March 15 press release states.
Westmoreland Mining's remaining assets now include five operating mines each in Canada and the U.S. that supply regional power producers. The company also has a coal mine primarily dedicated to exports in Canada.
Martin Purvis is taking on the role of CEO for the new business. David Stetson, the former CEO of Alpha Natural Resources Inc. who led that company after its bankruptcy reorganization, will serve as chairman for Westmoreland Mining.
Westmoreland Resource Partners LP, the master limited partnership of Westmoreland Coal that owns the Kemmerer mine in Wyoming, remains in Chapter 11. Its assets were not acquired by Westmoreland Mining.