White Stallion’s Asset Sale to Riverstone, Summit Partners OK’d

Bankrupt White Stallion Energy LLC won court approval to sell its coal mines and nearly all other assets to its lenders Riverstone Credit Partners and Summit Partners in a deal valued at about $90 million.

Under the sale agreement, a new entity created by Riverstone, Summit Partners and their affiliates will apply a credit of about $35 million—of a $90 million debt owed—to the purchase price. The buyer, known as Responsible Energy Operations LLC (REO), will assume about $55 million of White Stallion’s $75 million in liabilities, debtor’s attorney Chris Dickerson of Paul Hastings LLP said at a hearing ...