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