WESTMORELAND RESOURCE PARTNERS, LP (NYSE:WMLP) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01.Completion of Acquisition or Disposition of Assets.
As previously disclosed, on October 9, 2018 (the “Petition Date”), Westmoreland Coal Company (“WCC”), certain of its subsidiaries, including Westmoreland Resource Partners, LP (the “Company”) and the Company’s wholly owned subsidiaries (collectively, the “Debtors”), filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
On February 11, 2019, the Company and certain of its wholly owned subsidiaries (together with the Company, the “Sellers”) completed the disposition of all of the assets primarily related to the Sellers’ mining complexes consisting of the mines commonly referred to as Cadiz, Tuscarawas, Belmont, New Lexington, Noble, Plainfield, Muhlenberg and Tusky, which the Company commonly refers to in the aggregate as “Oxford” and certain other assets primarily related to the Oxford mining complexes (such mining complexes and assets collectively, the “Oxford Assets”) to sections 105, 363 and 365 of the Bankruptcy Code in accordance with the terms of the Asset Purchase Agreement (the “Asset Purchase Agreement”) by and between the Sellers and CCU Coal and Construction, LLC (“CCU”). In consideration for the sale of the Oxford assets, among other things, CCU assumed certain liabilities of Sellers, including all liabilities of Sellers arising out of or relating to the Sellers’ mine reclamation and other post-mining liabilities relating to the Oxford Assets. The sale of the Oxford Assets to the Asset Purchase Agreement had previously been approved by the Bankruptcy Court on February 5, 2019.
About WESTMORELAND RESOURCE PARTNERS, LP (NYSE:WMLP)
Westmoreland Resource Partners, LP, formerly Oxford Resource Partners, LP, is a producer and marketer of thermal coal to the United States utilities and industrial users, and a producer of surface mined coal in Ohio. The Company markets coal to electric utilities with coal-fired, base-load scrubbed power plants under long-term coal sales contracts. Its reserves and operations serve its market area of the Midwest, Northeast and Rocky Mountain regions of the United States. The Company operates approximately 20 active surface mines and manages these mines as mining complexes located in eastern Ohio and Wyoming. The Company’s Ohio mining facilities include approximately two preparation plants, both of which receive, wash, blend, process and ship coal produced from its mines. The Company’s operating subsidiaries include Oxford Mining Company, LLC, Oxford Mining Company-Kentucky, LLC, Westmoreland Kemmerer, LLC, Westmoreland Kemmerer Fee Coal Holdings, LLC and Harrison Resources, LLC.