Westmoreland Coal Company bankruptcy plan approved by judge

Posted at 3:09 PM, Mar 04, 2019
and last updated 2019-03-04 23:49:50-05

A judge has approved the sale of Westmoreland Coal Company assets as part of its Chapter 11 bankruptcy proceedings.

According to a press release issued Monday by Westmoreland, the company expects to complete transactions associated with its financial restructuring – which will preserve over a thousand jobs in the U.S. and Canada – and emerge from Chapter 11 protection by the end of the first quarter 2019.

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.

RELATED: Colstrip owners worry that Westmoreland bankruptcy could accelerate coal plant closure