Blackjewel Coal Hits Ch. 11 As $28M Loan Comes Due
Law360 (July 1, 2019, 5:46 PM EDT) -- Blackjewel LLC has become the latest coal mining company to declare Chapter 11, telling a West Virginia bankruptcy court Monday that it is facing a severe liquidity crisis after failing to persuade a senior lender to extend a $28 million term loan.
CEO Jeffrey Hoops Sr. said in the company’s bankruptcy declaration that Blackjewel has been hurt by years of market and regulatory pressures and will be unable to meet its next payroll unless the court approves a $20 million debtor-in-possession financing deal. Hoops, whose investment firm would provide the financing, said Blackjewel’s liquidity issues were a “short-term” problem and that...
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