Bankrupt Walter Energy Inc. received court approval yesterday to auction its coal assets as part of a proposal to emerge from a bankruptcy that has faced fierce opposition from unions and retirees in its home state of Alabama, Reuters reported yesterday. Walter Energy is one of four debt-laden U.S. coal producers that have sought chapter 11 protection this year as plummeting commodity prices, weak demand and increased environmental regulation hurt operations. The company has an offer from senior lenders for assets set to go on the auction block, including its mines in Alabama — the heart of its business — in exchange for cancelling $1.25 billion of its debt. The lenders have also offered $5.4 million in cash.
