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

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.