On December 3, Lighthouse Resources Inc. and substantially all of its subsidiaries have filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. Upon approval by the court, cash-on-hand and cash generated from ongoing operations will be used to support the business during the court-supervised process, according to the company.
Court-supervised operations will continue at reduced levels at the Decker mine in Montana. The Chapter 11 reorganization also includes Millennium Bulk Terminals in Longview, Washington, where operations will continue without reduction, the company said. Interested parties will have the opportunity to acquire Millennium’s rights under the court-supervised process.
Additionally, the company has a joint venture interest in the Black Butte Coal Co. in Wyoming. Black Butte has not filed a Chapter 11 petition and will continue with normal operations.
This court-supervised process allows Lighthouse to continue serving customers in the ordinary course while securing protections that will give it time to consider options for the best path forward, according to the company.
