Creditors Pushing Ky. Coal Miner Toward Ch. 11

Law360, New York (February 22, 2008, 12:00 AM EST) -- Creditors of Kentucky coal miner Black Diamond Mining LLC are trying to push the faltering company into Chapter 11, claiming they are owed more than $150 million.

Black Diamond’s lenders, CIT Capital USA Inc., The CIT Group/Commercial Services Inc. and the Prudential Insurance Co. of America, on Tuesday filed an involuntary petition in the U.S. Bankruptcy Court for the Eastern District of Kentucky on behalf of Black Diamond Mining and six related companies, all owned by Black Diamond Resources LLC.

The lenders also filed a motion...
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