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March 15, 2019

Kramer Levin Represents Secured Lenders in Acquisition of Westmoreland Coal’s Assets Under Chapter 11 Plan

On March 15, 2019, Westmoreland Coal Company and most of its subsidiaries – the 6th largest coal company in the United States with over $1 billion in sales, active mines in four states and two Canadian provinces, and almost 3,000 employees – consummated a Chapter 11 plan which transferred substantially all of their assets to a new company owned by the holders of $700 million in secured debt and $110 million in debtor-in-possession loans. 

Kramer Levin represented holders of more than 85% of the secured debt and DIP loans. Westmoreland filed in Houston on Oct. 9, 2018 – its emergence barely five months later represents a major achievement by all the professionals involved, including debtor's team of Kirkland & Ellis, Alvarez & Marsal and Centerview Partners, and the secured lenders' financial advisor FTI, Houston co-counsel Porter Hodges and Canadian counsel Fasken. 

The new company, Westmoreland Mining Holdings LLC, has retained Kramer Levin as its counsel.

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