Murray Energy Corp. is selling its stake in Javelin Global Commodities Holdings LLP to the founders of the commodity trader for $20 million as the private coal company nears a crucial hearing on its plan for leaving chapter 11 bankruptcy, WSJ Pro Bankruptcy reported. The cash transaction is the best available price for its Javelin holding and gives Murray much needed liquidity as it continues to struggle with the market downturn caused by Covid-19, the company said in a filing on Wednesday in the U.S. Bankruptcy Court in Columbus, Ohio. Murray, in consultation with its advisers and senior lenders, said that it has been examining the business to determine if it can monetize any of its noncore assets. After discussions with its advisers, the company reached an agreement to sell its stake in the commodity trader to Javelin co-founders Peter Bradley and Spencer Sloan. The sale must be approved by a judge and Murray is seeking court permission to forgo holding an auction for its Javelin stake. The coal company said it also reached out to Javelin investor Uniper Global Commodities UK Ltd. before striking a deal with Bradley and Sloan. Murray owns a 34 percent stake in Javelin, according to a December court filing.
