White Stallion Approved to Launch Bankruptcy Sale Process

White Stallion Energy LLC won court approval to launch a bankruptcy auction process, advancing efforts to sell substantially all of the coal company’s assets in just one month.

The Evansville, Ind.-based company hopes to land a deal and return to court for sale approval by July 1, according to its bidding procedures that were approved by Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware during a virtual hearing Tuesday.

The company said its access to cash runs out on July 2, at which point it would likely be forced to convert the bankruptcy to ...