Coal producer Walter Energy told its bankruptcy court in a Jan. 19 filing that it has moved the auction for remaining assets back from the original date of Jan. 19, to Jan. 25.
A stalking horse buyer, Coal Acquistion LLC, has a pending deal to buy certain primary assets, mainly coal mines in Alabama. Coal Acquisition, backed by Walter Energy creditors, did not bid on certain “Non-Core Assets,” including Lot 3 (West Virginia coal mining assets), Lot 4 (Taft Assets), Lot 8 (Select JWR Assets), and Lot 9 (Walter Coke Assets).
Walter Energy said in the Jan. 19 filing that after reviewing bids for these assets, it decided to push back the auction to Jan. 25. It didn’t say precisely why. A hearing at the U.S. Bankruptcy Court for the Northern District of Alabama to look at auction results is scheduled for Jan. 27.
“The Auction and Sale Hearing described herein may be further adjourned by the Debtors, in consultation with the Consultation Parties, from time to time without further notice to creditors or other parties in interest other than by announcement of the adjournment in open court on the date scheduled for the Sale Hearing, or by filing a notice on the docket of the Debtors’ Chapter 11 Cases,” the Jan. 19 filing said. “Each Successful Bidder for any of the Non-Core Assets shall provide the Debtors with a schedule of executory contracts and unexpired leases that it intends to assume within the timeframe set forth in the applicable asset purchase agreement, and the Debtors shall post such schedules on the Case Website as soon as practicable thereafter.”