Sale of Blackjewel’s Wyoming mines in serious trouble

Posted On Dec 31 2020 by

first_imgSale of Blackjewel’s Wyoming mines in serious trouble FacebookTwitterLinkedInEmailPrint分享Casper Star Tribune:Bankrupt coal operator Blackjewel called the sale of its two idling Wyoming coal mines “dead,” according to a statement made by a key creditor in court documents Tuesday.The announcement casts another layer of doubt over the chance Campbell County’s Eagle Butte and Belle Ayr coal mines — the nation’s fourth and sixth largest by production — will reopen in the foreseeable future.Blackjewel filed a motion Thursday to separate the sale of its two Wyoming coal mines to coal company Contura Energy from the sale of its Pax Surface Mine in West Virginia to the same company. But in response to the motion, Riverstone Credit Partners, a senior creditor owed millions of dollars, said the company’s motion to revise the sale terms violated the original settlement reached with lenders.Although a federal bankruptcy judge approved the sale of three Blackjewel mines to Contura on Aug. 7, the deal has not been finalized. The sale hinges on the final approval of the federal government, after it objected to outstanding royalties and leasing terms of the Wyoming mines.What’s more, the sale may be held up over “Contura’s insistence on shortening the existing mine plans at the western mines,” Tuesday’s court document’s revealed.More: Blackjewel says sale of Wyoming mines is ‘dead,’ according to creditorlast_img read more

Nordic pension fund tenders high yield, commodities mandates

Posted On Sep 29 2020 by

first_imgA Nordic pension fund is tendering $20m (€17.7m) worth of credit and commodities mandates, using IPE Quest.The unnamed asset owner tendered two $5m-10m mandates, building on a series of $40m worth of equity mandates previously released.Search QN-2158 seeks to allocate towards an actively managed US high-yield credit strategy, stating that performance will be measured against a “broad benchmark covering all sectors”.The pension fund asked that the strategy have a minimum tracking error of 1% but not exceeding 5%. The second search, QN-2159, is for commodities, measuring performance against the Bloomberg WTI Crude Oil total return sub-index, or the NYMEX WTI Crude or ICE Brent Crude futures market.The fund allows for the tracking error on the commodities mandate to be significantly higher, placing an upper limit of 10%.Interested asset managers must have at least $500m across either strategy, and total assets of $500m under management.Additionally, they should have at least three years’ experience, but preferably five years, and submit proposals stating net of fees performance to the end of January.Proposals for the searches must be submitted by 7 March.The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected]last_img read more