Blackjewel Still Looking For Money for Campbell County Mines
Blackjewel LLC, owner of the Belle Ayr and Eagle Butte coal mines it closed two weeks ago in Campbell County, still hasn't been able to find money to reopen them and its other mines, according to a status report filed in bankruptcy court Wednesday.
On July 1, Blackjewel was unable to secure $20 million in financing, filed for Chapter 11 bankruptcy business reorganization, closed the mines and sent home more than 600 employees without notice.
After another unsuccessful attempt to get $20 million, it was able to obtain $5 million in emergency funding to secure the mines and the equipment against theft, flooding and fires, according to documents filed in U.S. Bankruptcy Court in the Southern District of West Virginia.
CEO Jeffrey Hoops, Sr., was asked to resign as a condition of obtaining the $5 million, most of which has been spent.
Friday, attorneys for Blackjewel said they hadn't secured funding, and would file a status report on Wednesday, according to bankruptcy court records.
The story was the same Wednesday.
"The Debtors and their advisors continue to consult with the Office of the United States Trustee and their primary stakeholders and their advisors, including Riverstone, United Bank and the Official Committee of Unsecured Creditors, among others, throughout this process. The Debtors and their advisors will continue to pursue all reasonable alternatives for financing and will continue to keep the Court and interested parties informed."
The attorneys did not say when they would file their next status report.