Bankrupt US coal company secures short-term funding

CASPER, Wyo. (AP) — A U.S. judge has approved funding to allow a bankrupt coal company to maintain basic operations for a few days.

U.S. District Judge Frank Volk in West Virginia approved $2.9 million in debtor-in-possession financing Friday from two lenders to Milton, West Virginia-based Blackjewel LLC.

The money in part will allow Blackjewel to pay about 140 employees who remain at work in West Virginia, Wyoming and elsewhere.

The Casper Star-Tribune reports the move will give the company a bit more time to find additional financing.

Without a longer-term solution, the company may be forced to sell properties, including its closed Eagle Butte and Belle Ayr mines in Wyoming.

___

Information from: Casper (Wyo.) Star-Tribune, http://www.trib.com

all right reserved for yahoo news

Get the latest news delivered to your inbox

Follow us on social media networks

PREV UPDATE 1-Zimbabwe rights groups say 6 activists abducted, beaten ahead of protests
NEXT Girl, five, is given £90 on-the-spot fine for travelling without a ticket on ...