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Deadline for Rhino Resource Partners' asset auction pushed back

Highlights

Coal producer's assets have been grouped into different classes

Differs from usual bankruptcy auctions which include all assets

Houston — The date to submit qualified bids for Rhino Resource Partners' asset auction has been moved to Aug. 21, and the date of the auction has been moved to Aug. 31, according to a court order issued Aug. 12.

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The bid deadline was previously scheduled for Aug. 19, and the auction was earlier scheduled for Aug. 25.

Rhino filed for bankruptcy reorganization July 2 in the US Bankruptcy Court for the Southern District of Ohio, with approximately $162.1 million of liabilities, including $39.8 million in secured debt owed to its pre-bankruptcy lenders.

The court-approved auction splits up the company's assets into six groups.

Asset group one includes all accounts receivable and the inventory at four mining operations across Appalachia and Utah. Inventory does not include parts and supplies, such as fuel, explosives and batteries.

Asset group two includes all assets, excluding inventory, associated with the company's CAM Mining subsidiary, which is made up of two metallurgical coal mines in West Virginia and Kentucky.

Asset group three includes all assets associated with the company's Castle Valley thermal coal operations in Utah.

Asset group four includes all assets associated with the Hopedale thermal coal operations in Ohio.

Asset group five includes all assets associated with the Jewell Valley metallurgical coal operations in Virginia that were purchased in Blackjewel LLC's bankruptcy reorganization.

A sixth asset group will bundle coal reserves in West Virginia, Colorado, Pennsylvania, Ohio and Illinois with a Colorado coal mine, a Virginia processing plant and a coal dock in Ohio.

A group of Rhino's pre-petition lenders set a bar for assessing any bids with a $40.0 million stalking horse bid for substantially all of Rhino's assets, according to an asset purchase agreement filed with the bankruptcy court.

Energy Ventures Analysis is providing financial advisory services in connection with the proposed sale.