Murray Metallurgical will go with stalking horse for Maple Eagle assets

By Sarah Lizee

Olympia, Wash., March 24 – Murray Metallurgical Coal Holdings, LLC received no qualified bids relating to the proposed sale of its Maple Eagle mining complex assets, and as such, stalking horse bidder Panther Creek Mining LLC is the successful bidder, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Ohio.

As previously reported, Murray Metallurgical, its take-back lenders, Murray Energy and shareholder entity Javelin Global Commodities (UK) Ltd. entered into a restructuring support agreement.

Under the agreement, Murray Metallurgical sought approval for a sale of the Maple Eagle mining complex assets.

If the stalking horse bid had been terminated under specified circumstances, Murray would have paid a $250,000 break-up fee and reimbursement for up to $500,000 of sale-related expenses.

Under the approved procedures, competing bids were due by 4 p.m. ET on March 23. The initial minimum overbid amount was $250,000.

The auction scheduled for March 24 was canceled. Bids at auction had to be made in minimum increments of $250,000.

The sale hearing is scheduled for April 2.

Murray Metallurgical is based in St. Clairsville, Ohio. The company filed bankruptcy on Feb. 11 under Chapter 11 case number 20-10390.

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