Ross boss as Newcoal, Oldcoal, any coal at all picks up Horizon

摘要

WL Ross & Co. and its partners, the stalking horse bidder as Newcoal for Horizon Natural Resources' properties, emerged from the highly anticipated August 17 auction successful. But stuff remains to be sorted. Wilbur Ross's Newcoal LLC and Oldcoal LLC. in partnership with Massey Energy (See related story in today's edition), was the successful bidder at Horizon's bankruptcy auction with a cash bid of up to 304 million dollars plus credit bidding of 482 million dollars of second lien notes, or a total of 786 million dollars and the assumption of liabilities. The transaction is subject to approval by the US bankruptcy court in Lexington. KY. at a hearing scheduled for August 31. It was tough for anyone to make a truly competitive offer against Ross' credit bid, which basically allowed the stalking horse bidder to surrender distressed debt accumulated over time as partial payment for equity in the company.