KINGSPORT, Tenn., Nov. 29, 2016 /PRNewswire/ -- Alpha Natural Resources Holdings, Inc. and ANR, Inc. announce that an agreement has been reached to resolve the concerns expressed by the West Virginia Department of Environmental Protection over various unaccounted-for expenses, which were discovered shortly after Alpha's emergence from bankruptcy. Financial responsibility for the expenses was resolved in a settlement agreement with Contura Energy, the company that was formed to purchase some of Alpha's assets, and the agent for Alpha's former first lien lenders.
Alpha CEO David Stetson said, "Alpha is pleased that the concerns raised by the West Virginia Department of Environmental Protection with respect to the proposed settlement between Alpha, Contura Energy, and the agent for Alpha's former first-lien lenders have been fully addressed."
Since identifying the unaccounted-for obligations in the weeks following the restructured company's emergence from Chapter 11 bankruptcy, Alpha's new management team was committed to finding a solution that allows it to fulfill its obligations to stakeholders. Stetson said, "Alpha believes that approval of the settlement, along with executing a 2017 mining plan that takes advantage of the stronger market for our coal, while maintaining a continued focus on realizing significant cost savings, will keep Alpha sustainable in the long run."
Stetson praised the safe and diligent work of Alpha's affiliate employees, which he says, "will allow us to meet the expectations of our customers, fulfill our obligations to fund and complete reclamation in accordance with our agreements with the state and federal governments, and continue to implement our Plan of Reorganization."
About Alpha Natural Resources Holdings, Inc. and ANR, Inc.
Alpha Natural Resources Holdings, Inc. and ANR, Inc. have affiliate mining operations in West Virginia and Kentucky, and supplies metallurgical coal to the steel industry and thermal coal to generate power. ANR has offices in Kingsport, Tennessee, and Julian, West Virginia, which support 17 active mining operations. ANR is committed to being a leader in mine safety and an environmental steward in the communities where its affiliates operate. For more information, visit ANR's website (www.alphanr.com).
SOURCE Alpha Natural Resources