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Alpha Natural reorganization plan not viable, DoJ says

Jun. 21, 2016 10:53 AM ETAlpha Natural Resources, Inc. (ANR) StockANRBy: Carl Surran, SA News Editor1 Comment
  • The U.S. Department of Justice says Alpha Natural Resources' (OTCPK:ANRZQ) plan to sell valuable assets to its creditors is "not feasible or viable," as the plan fails to provide for significant mine cleanups and long-term water treatment at mine sites, according to a court filing yesterday.
  • The sales are part of ANR's plan to emerge from Chapter 11 bankruptcy protection, which it filed last August, but environmental groups have said the plan would leave the reorganized company with insufficient funds to restore land it has mined.
  • The government does not plan to approve the transfer of any federal lease or contract unless cleanups are assured, the DoJ said, adding that the transfer of such leases without government consent is prohibited.

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