Bens Creek enters liquidation

Met coal mine owner Benns Creek Group has reportedly decided to liquidate its business, according to reports.

Officials told Proactive Investors that it had talks with its advisers, opting for the move, and has appointed Hill Dickinson for the process. Proceedings will start immediately, as it prepares its application for the courts.

The financial news service noted that a general meeting the miner had scheduled for June 10 was canceled.

Bens Creek first said in May that it was planning to retain administrators after reviewing its financials and seeing no viable way to continue against challenges with any stable solution.

“It is not known at present how much, if any, value will be returned to shareholders following any administration or alternative insolvency process being undertaken for the company or the conclusion of the Chapter 11 process for the Chapter 11 companies,” the company told Proactive Investors.

Bens Creek recently announced it was placing its coal operation in West Virginia into care and maintenance in light of its financial considerations, the coal market and operational challenges at the site. That mine was operated by Bens Creek Operations WV (BC Operations). Most of its staff was laid off at that time.

Source: Proactive Investors

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