Blackjewel creditors withdraw conversion motion, exclusivity objection

By Caroline Salls

Pittsburgh, June 25 – Blackjewel, LLC’s official committee of unsecured creditors has agreed to withdraw its motion for conversion of the company’s Chapter 11 case to Chapter 7, as well as its objection to Blackjewel’s exclusivity extension motion, according to a status report filed Wednesday with the U.S. Bankruptcy Court for the Southern District of West Virginia.

As part of the agreement under which the committee withdrew the motion and objection, the company said the parties “will work collaboratively on a consensual plan of liquidation that will maximize the value of the debtors’ estates and assets and recoveries for creditors.”

Blackjewel said it has also had preliminary discussions with other key stakeholders concerning a plan of liquidation, and it intends to move quickly to finalize a plan and seek confirmation.

Blackjewel is a Milton, W.Va.-based coal producer. The company filed bankruptcy on July 1, 2019 under Chapter 11 case number 19-30289.

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