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Walter Energy holds auction to sell mines but receives no competing bids...


Walter Energy holds auction to sell mines but receives no competing bids...

Report summary


Walter Energy held an auction 5 January 2016, in hopes of finding a bid exceeding the offer from its senior lenders. Last fall, Walter entered an asset purchase agreement with a company formed by its senior lenders to acquire all of the Walter’s US assets for $5.4 M cash, a $1.25 billion credit bid and the assumption of some liabilities  if a higher offer was not received.  As no competitive bids were received, this company, called Coal Acquisitions, is now likely to execute that purchase.

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