Coal producer Xinergy, subsidiaries file for bankruptcy - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Coal producer Xinergy, subsidiaries file for bankruptcy

Posted:

ROANOKE, Va. (AP)- Coal producer Xinergy Ltd. and more than two dozen subsidiaries have filed for Chapter 11 bankruptcy.

Knoxville, Tennessee-based Xinergy filed a Chapter 11 petition last week in U.S. Bankruptcy Court in Roanoke, Virginia. The petition lists zero to $50,000 in assets and about $100 million to $500 million in liabilities.

Xinergy produces steam and metallurgical coal at mining operations in Virginia and West Virginia.

Xinergy CEO Bernie Mason says in a news release that U.S. coal markets have faced significant challenges in recent years, including declining demand and increased environmental regulations.

Mason also says Xinergy's cash position has been eroded by a harsh winter that affected coal mining and shipments.

Xinergy is seeking the court's approval to obtain debtor-in-possession financing. The company says it will continue operations while it reorganizes.

  • Business NewsMore>>

  • New Delaware Policy Requires Screening of LLCs

    New Delaware Policy Requires Screening of LLCs

    11/20/2017 10:40:00 -05:002017-11-20 15:40:00 GMT
    Monday, November 20 2017 10:40 AM EST2017-11-20 15:40:46 GMT
    Delaware's secretary of state is implementing a new requirement to ensure the state's 1.3 million business entities are regularly screened against a federal database of terrorists, international drug traffickers and other criminals.More
    Delaware's secretary of state is implementing a new requirement to ensure the state's 1.3 million business entities are regularly screened against a federal database of terrorists, international drug traffickers and other criminals.More
  • US New Home Sales Soar to Highest Level in a Decade

    US New Home Sales Soar to Highest Level in a Decade

    10/25/2017 10:32:00 -04:002017-10-25 14:32:00 GMT
    Wednesday, October 25 2017 10:32 AM EDT2017-10-25 14:32:02 GMT
    This Wednesday, Sept. 6, 2017, photo shows a new home for sale in a housing development in Raeford, N.C. On Wednesday, Oct. 25, 2017, the Commerce Department reports on sales of new homes in September. (Swayne B. Hall/Associated Press)This Wednesday, Sept. 6, 2017, photo shows a new home for sale in a housing development in Raeford, N.C. On Wednesday, Oct. 25, 2017, the Commerce Department reports on sales of new homes in September. (Swayne B. Hall/Associated Press)
    Sales of new U.S. homes jumped last month to the highest level since October 2007. It's a sign that Americans, unable to find existing homes, are turning to new construction.More
    Sales of new U.S. homes jumped last month to the highest level since October 2007. It's a sign that Americans, unable to find existing homes, are turning to new construction.More
  • Maryland Governor Signs Order to Block Boycotts of Israel

    Maryland Governor Signs Order to Block Boycotts of Israel

    10/23/2017 14:05:00 -04:002017-10-23 18:05:00 GMT
    Monday, October 23 2017 3:55 PM EDT2017-10-23 19:55:10 GMT
    Maryland Gov. Larry Hogan has signed an executive order banning the state from doing business with companies that support boycotts of Israel.More
    Maryland Gov. Larry Hogan signed an executive order Monday blocking the state from awarding contracts to companies that support boycotts of Israel.More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices