With that, Blackhawk Mining has completed its acquisition of six Appalachian mining complexes from Patriot; Blackhawk President Nicholas Glancy said the takeover of Rocklick, Wells, Panther, Paint Creek, Kanawha Eagle and the Midland Trail mining complexes will strengthen its capital structure and liquidity position while enhancing its met coal portfolio.
“Today’s closing represents a transformative moment for Blackhawk Mining,” Glancy said. “This transaction positions the company for continued, long-term success despite the market weakness in the sector.”
He added that the company expects to “promptly” resume the mines’ production.
The remaining assets that it was to sell to Virginia Conservation Legacy Fund (VCLF)’s ERP Compliant Fuels, including the Corridor G and Federal complexes, has also been completed.
“We are pleased to have reached the successful conclusion of this process, which we believe represents the best possible outcome for Patriot’s employees and stakeholders,” Patriot President and CEO Bob Bennett. “I am confident that Blackhawk and VCLF will be responsible stewards of our mining operations going forward, and I wish them and their employees the best of luck.”
All of the final proceedings are available for review at https://cases.primeclerk.com/patriotcoal.
Centerview Partners served as Patriot’s financial advisor and investment banker; Kirkland & Ellis was legal advisor. Alvarez & Marsal served as chief restructuring officer for the producer.
