Coal company, Cambrian Holding Co. plans to sell nearly all of its assets as part of its Chapter 11 proceedings. The company declared bankruptcy on June 16 in the United States Bankruptcy Court for the Eastern District of Kentucky.
Cambrian has put its assets up for grabs and will auction them off on September 18, pending court approval. A bid deadline is set for September 11.
Cambrian Holding Co. includes several mining operations: Perry County Coal, Premier Elkhorn Coal LLC, Clintwood Elkhorn Mining LLC, Apex Energy, Bear Branch Coal, CW Auger, Cambrian Coal, Gatliff Coal, Marshall Resources, Pike-Letcher Land, PLM Holding Co., Raven Rock Development, Ray Coal, Rich Mountain Coal, ST and T Leasing, Shelby Resources, TC Leasing and Whitaker Coal.
According to court documents, Cambrian Holding Co., which lists its headquarters in Belcher, Kentucky, listed nearly $21 million in debt with its 20 largest creditors, including more than $2.4 million with Whayne Supply and nearly $1.2 million with American Electric Power.
Cambrian has kept its mines open and has continued to pay its employees throughout its Chapter 11 bankruptcy, according to court documents. The company employs about 660 people at three major mining operations in eastern Kentucky and Virginia.