Blackjewel LLC Attorneys Hope Sale Approval May Be Close
Eight parties have expressed interest in purchasing Blackjewel LLC's assets, attorneys for the bankrupt coal company said in a federal court filing Tuesday.
Since filing for Chapter 11 bankruptcy earlier this month, Blackjewel has reached out to more than 20 parties to solicit interest in acquiring its assets. Of those, eight have signed non-disclosure agreements and are "actively engaged in conducting due diligence."
"Additional parties are expected to sign NDAs and perform due diligence," the filing continues.
On July 1, Blackjewel filed for Chapter 11 bankruptcy, which would have allowed the company to keep its two Wyoming mines open while it restructured and sold off assets. A judge denied that, though, and hundreds of employees were sent home.
In Tuesday's status report, Blackjewel attorneys wrote that they hope to have an expedited sale process and additional financing approved "later this week."
On Monday, a Kansas utility company alleged that Blackjewel has not been providing it with adequate coal supplies to generate electricity.