The winning bidder for Westmoreland Coal’s Ohio mining assets was CCU Coal and Construction LLC, owned by Charles Ungurean, according to filings with the U.S. Bankruptcy Court for the Southern District of Texas. These assets include the Buckingham and Oxford mines.
It was determined that Ungurean’s bid was the highest, the best and “only viable proposal to acquire the Buckingham mine that included cash consideration,” according to court documents.
According to court documents, for the Buckingham mine, the successful bid provides a purchase price of $1.8 million in cash, with an assumption of $800,000 of trade payables. For the Oxford assets, the successful bid’s purchase price is a reduction of the Net Working Capital Target Amount from $3.75 million to $3.5 million.
Westmoreland filed for Chapter 11 bankruptcy in October.