Blackhawk cleared to exit Chapter 11

摘要

A federal bankruptcy court judge has approved Blackhawk Mining's reorganization plan. Judge Laurie Selber Silverstein of the US Bankruptcy Court for the District of Delaware ruled late yesterday that the company can move forward with a plan that will eliminate more than 60pc of its debt. Blackhawk said it expects to exit Chapter 11 bankruptcy protection as soon as "early September." Blackhawk entered Chapter 11 on 19 July with a proposed plan for restructuring debt that had already been approved by most of its lenders. It was the fourth US coal producer to seek court-supervised restructuring in three months and may be the first to exit.