Murray Energy Corporation Announces it is Successful Bidder for Oak Grove, Seminole Alabama, and Maple Eagle Mining Complexes in Mission Coal Bankruptcy
Murray Energy Corporation (“Murray Energy”) has been informed that it has been selected as the Successful Bidder to acquire the Oak Grove, Seminole Alabama, and Maple Eagle Mining Complexes (the “Mission Assets”), located in Alabama and West Virginia, from Mission Coal Company, LLC (“Mission”), through the Mission bankruptcy proceedings. Mission has accepted Murray Energy’s bid and has filed notice with the bankruptcy court today, March 27, 2019.
Murray Energy has formed a new, majority owned unrestricted subsidiary company, Murray Metallurgical Holdings, LLC, to acquire and operate the Mission Assets, with its existing JV partner, Javelin Global Commodities (UK) LTD. (“Javelin”), as the minority owner of the newly formed unrestricted subsidiary. The bankruptcy court has scheduled a hearing on April 3, 2019, to approve the sale of the Mission Assets to Murray Metallurgical Holdings, LLC.
Murray Energy’s acquisition of the Mission Assets provides a significant entrance into the metallurgical coal market, allowing for diversification of its portfolio of quality mining assets. The Mission Assets will benefit from Murray Energy’s best-in-class longwall mining and operational expertise, that will further enhance the value of these high quality metallurgical coal properties. Additionally, this acquisition leverages Javelin’s existing global marketing platform, bringing further value to these newly acquired assets. Murray Energy looks forward to utilizing our management and marketing expertise in order to ensure the maximum success of these operations.
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Jason D. Witt
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