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Westmoreland directors resign from board after producer lowers 2017 guidance


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Westmoreland directors resign from board after producer lowers 2017 guidance

Westmoreland Resource Partners LP has announced the resignation of two directors after Westmoreland Coal Co. reported it was lowering its guidance for 2017 due to challenging conditions.

Kevin Paprzycki will remain as CEO, but he resigned from his directorship and position as chairman of the board of directors at Westmoreland Resources GP LLC, the general partner of WRP, effective immediately, according to a filing with the U.S. Securities and Exchange Commission.

Jennifer Grafton also resigned from her directorship on the board of WRGP and from her position as chief legal officer, effective immediately.

"The resignations of Mr. Paprzycki and Ms. Grafton described herein have been effected as part of an internal reporting realignment between the [WRGP] and Westmoreland Coal Company as [WRGP] and the [WRP] explore alternatives with respect to the 2018 maturity of the term loan under the financing agreement, dated as of December 31, 2014, by and among Oxford Mining Co. LLC, Westmoreland Resource Partners, LP and each of its subsidiaries, the lenders party thereto and U.S. Bank National Association, as collateral agent," the Aug. 3 filing said.

Michael Meyer resigned from his position as controller and principal accounting officer of WRGP, effective on July 28 as well. "Mr. Meyer's resignation was the result of Westmoreland's consolidated accounting centralization effort that required the position to maintain an office in Englewood, Colorado," the release said.

Westmoreland Coal posted a net loss in both the first and second quarters of this year.

WRGP said it appointed Scott Henry to replace Meyer on July 28. Henry is currently the senior director of accounting at Westmoreland Coal and will continue to serve in that role.