ENGLEWOOD, CO – A judge has approved the sale of Westmoreland Coal Company assets as part of its Chapter 11 bankruptcy proceedings.
The company expects to complete transactions associated with its financial restructuring by the end of March, which marks the end of the first quarter.
Westmoreland’s first lien creditors will take ownership of the Company’s assets — including its Colstrip operations, according to a news release.
However, this isn’t necessarily a dark spot for Colstrip, because the new owners of the Rosebud Mine say they will continue to sell to Colstrip through 2019.
Westmoreland’s mine assets will remain in operation under new leadership and “the Company will continue operating in the normal course, emerging with a strengthened balance sheet and better positioned to succeed,” the news release stated.
Westmoreland Coal first filed for bankruptcy in October of 2018.
- Colstrip owners fear Westmoreland bankruptcy could force early closure
- Eastern Montana coal plant set to close
The press release states:
Under the terms of the Plan, Westmoreland’s first lien creditors will take ownership of the Company’s assets, including its Colstrip, Montana; San Juan, New Mexico; and Canada operations (with the exception of Kemmerer mine operations). Westmoreland’s mine assets will remain in operation under new leadership and the Company will continue operating in the normal course, emerging with a strengthened balance sheet and better positioned to succeed.
