September 09, 2016 16:59 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2016) - Walter Energy Canada Holdings, Inc. ("Walter Energy Canada" or "the Company"), today announced that the court approved sale of its Canadian assets to Conuma Coal Resources Limited ("Conuma"), a member of the ERP Group of Companies, has closed. Conuma intends to resume mining operations at the Brule Mine in the near future and may resume other mining operations in the area in 2017.
Walter Energy Canada and certain of its affiliates and partnerships obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") pursuant to an Initial Order granted on December 7, 2015. The sale of the Company's assets was approved by order of the Supreme Court of British Columbia, pronounced on August 16, 2016. The sale represents the successful conclusion of the Canadian assets sale of Walter Energy Canada's sale and investment solicitation process, commenced in January of this year.
Walter Energy Canada intends to pursue a transaction for its interests in the Walter United Kingdom assets. The Walter United Kingdom entities are not subject to creditor protection.
Walter Energy Canada is a holding company for the Canadian and UK operations of Walter Energy, Inc. of Birmingham, Alabama. Walter Energy Canada and Walter United Kingdom were not part of the U.S. chapter 11 filing of Walter Energy, Inc. on July 15, 2015 and were not included in the asset purchase agreement that Walter Energy, Inc. entered into on November 5, 2015.
William AzizChief Restructuring Officerbaziz@bluetreeadvisors.comJoel ShafferLongview Communicationsjshaffer@longviewcomms.ca
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