FM Coal seeks approval to sell equipment for roughly $1.43 million

By Sarah Lizee

Olympia, Wash., Dec. 18 – FM Coal, LLC is seeking court approval to sell some of its inoperable, obsolete or inefficient equipment to third-party purchasers, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Northern District of Alabama.

The company expects the sale to bring in proceeds of about $1.43 million.

The equipment is secured by liens held by KeyBank NA, Sumitomo Mitsui Banking Corp. and Caterpillar Financial Services Corp. under the company’s credit agreement.

Proceeds from the sale will be used to either purchase replacement or refurbish existing equipment.

Graysville, Ala.-based FM Coal provides coal mining and energy production services. The company filed Chapter 11 bankruptcy on Sept. 1 under case number 20-02783.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.