Creditors of Mission Coal Co. are objecting to a $145 million offer for its Alabama and West Virginia mining operations, as well as the coal-mining company’s proposed bid procedures, WSJ Pro Bankruptcy reported. In a court filing on Friday, the unsecured creditors' committee said that the fine print of the offer from Mission Coal’s debtor-in-possession lenders will make it difficult for the company to solicit higher competing bids. The proposed bidding and auction rules — which still need approval from a judge — could cause confusion for some other potential bidders who have already given “indications of interest,” lawyers for the committee said in a document filed in U.S. Bankruptcy Court in Birmingham, Ala.
