In what ended up being a “robust and competitive” process, according to officials, Blackhawk Mining was the winner when the gavel fell at the auction of Patriot Coal’s remaining assets tied to its second bankruptcy filing in two years.
The result is now awaiting approval by the court at Patriot’s next hearing on October 5. Should it be given the greenlight, it helps to solidify the infrastructure of the trouble miner’s plans for its proposed chapter 11 plan.
Privately held Blackhawk was originally named the stalking horse bidder in the planned auction earlier this year. It already has Kentucky, Indiana and West Virginia operations, and the takeover would add Patriot’s Panther, Rocklick, Wells, Kanawha Eagle, Paint Creek and Midland Trail complexes to its portfolio. Blackhawk also acquired James River Coal’s (JRC) assets in a bankruptcy sale in 2014.