Cambrian Holding Co. has struck deals to sell its coal mining assets to multiple buyers that have agreed to forgive some of its debt, and to assume tens of millions of dollars in reclamation obligations and other expenses, WSJ Pro Bankruptcy reported. Hedge fund Richmond Hill Capital Partners LP, a lender to Cambrian owed more than $45 million, placed the top bid for the company’s Clintwood Elkhorn mine complex, according to papers filed Tuesday in the U.S. Bankruptcy Court in the Eastern District of Kentucky. Cambrian’s assets hit the auction block last week, months after the company filed for chapter 11 protection. Consideration for the Clintwood Elkhorn assets includes a $15 million credit bid, the amount of bankruptcy financing Richmond provided Cambrian to fund its chapter 11 filing. The bid also includes a payment of more than $6.5 million in professional fees, the assumption of more than $59 million in estimated reclamation liabilities and other expenses, court papers say.
