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Bankruptcy court approves Cambrian Coal's plan to sell off its assets

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Bankruptcy court approves Cambrian Coal's plan to sell off its assets

A federal bankruptcy court approved Cambrian Coal Corp.’s plan to sell off substantially all of its assets.

In an order filed with the U.S. Bankruptcy Court for the Eastern District of Kentucky on Sept. 25, a federal judge authorized the asset purchase agreements and sale transactions of Cambrian’s operations.

Cambrian Coal, a subsidiary of Booth Energy Group, filed for bankruptcy protection in June along with Cambrian Holding Co. Inc. and 17 of their affiliates.

Cambrian will sell its assets that had been operating under Perry County Coal LLC, its subsidiary, in eastern Kentucky to American Resources Corp. That deal includes three active mines and a preparation plant, among other things.

The debtor will also sell its Premier Elkhorn coal mining assets, which include the Bevins Branch surface mine and the Renaissance underground mine in Kentucky, to Pristine Clean Energy LLC.

A joint venture made up of Richmond Hill Capital Partners LLC, Essex Equity Joint Investment Vehicle LLC and Alliance Prime Associates will acquire Cambrian’s remaining assets or rights.