Cambrian Coal Seeks Buyer In Ch. 11 After Failed Expansion
Law360 (June 17, 2019, 8:22 PM EDT) -- Cambrian Coal filed for Chapter 11 protection on Monday, looking for a buyer for its assets after falling coal prices and a failed expansion left the coal mine operator with too much debt.
Cambrian President J. Mark Campbell said in filings with the Eastern District of Kentucky that falling coal prices nationwide and issues resulting from the purchase of another coal company in 2015 pushed it into bankruptcy. Cambrian Holdings Co. Inc., which operates three mines in Kentucky and West Virginia, owes $126 million in secured debt to lenders including Deutsche Bank AG. The company has $300 million in liabilities, according to the declaration....
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