Bankruptcy Law News

Buyers of Bankrupt Cambrian Coal Mines Object to Post-Deal Costs

Dec. 18, 2019, 7:09 PM

The buyers of bankrupt Cambrian Holding Company Inc.'s coal mines are seeking a delay in paying costs associated with their purchases, alleging that the seller misrepresented them.

Pristine Clean Energy LLC and American Resources Corp. “intend to comply” with the sale terms that require a set of payments for royalties, wages, employee health care and vendor claims, according to their Dec. 17 filings in the U.S. Bankruptcy Court for the Eastern District of Kentucky.

But they said they can’t immediately comply because actual costs are much higher than anticipated from the deals.

Their filings come after Cambrian, together with the...

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