Blackhawk Seeks $35M Boost For Confirmed Del. Ch. 11 Plan
Law360 (October 3, 2019, 7:28 PM EDT) -- Citing revenue shortfalls, weakened coal markets and a longer-than-expected bankruptcy stay, Blackhawk Mining LLC sought an extra $35 million in post-petition borrowing Wednesday for its already confirmed Delaware Chapter 11.
Kevin Nystrom, an AlixPartners LLP managing director and chief restructuring officer to Blackhawk, said in a supporting declaration that market “headwinds” and extended regulatory approval times necessitated the increase in the Kentucky-based venture's original $240 million debtor in possession loan.
“The debtors have made progress in reducing operating cash expenditures but not enough to offset the combination of the shortfall in operating cash receipts and increased cost of the restructuring process,” Nystrom...
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