Lenders to Mission Coal Co. have extended a $145 million offer to buy the bankrupt mining company’s operations in Alabama and West Virginia, WSJ Pro Bankruptcy reported. In court papers filed on Wednesday, Mission Coal asked a federal judge to set a Jan. 21 bid deadline for other buyers who want to put in purchase offers for the Kingsport, Tenn., company, which primarily sells coal to steel producers. The company has blamed its financial problems on the cost of repairs needed to get mining operations up and running. The offer came from unidentified lenders who have formed an entity called New Coal Acquisition Co. If additional bids emerge, Mission Coal has proposed holding an auction on Feb. 27, with a sale hearing slated for March 20. Bankruptcy Judge Tamara Mitchell set a Dec. 19 hearing to go over the sale deadlines, which require her approval.
