Eastern Kentucky coal producer Black Diamond Mining got caught in a "liquidity crunch" that eventually forced the company into involuntary bankruptcy because it "oversold" coal supply agreements, according to Ira Genser, Black Diamond's court-appointed chief restructuring officer. In a Monday filing in US Bankruptcy Court for the Eastern District of Kentucky, Genser detailed events that he said led to the company's largest creditors filing involuntary Chapter 11 bankruptcy petitions last month against Black Diamond and several affiliates. Those creditors are CIT Capital USA, Prudential Insurance and CIFC Funding (PCT 2/21).
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