On March 15, 2019, Westmoreland Coal Company and most of its subsidiaries – the 6th largest coal company in the United States with over $1 billion in sales, active mines in four states and two Canadian provinces, and almost 3,000 employees – consummated a Chapter 11 plan which transferred substantially all of their assets to a new company owned by the holders of $700 million in secured debt and $110 million in debtor-in-possession loans.
Kramer Levin represented holders of more than 85% of the secured debt and DIP loans. Westmoreland filed in Houston on Oct. 9, 2018 – its emergence barely five months later represents a major achievement by all the professionals involved, including debtor's team of Kirkland & Ellis, Alvarez & Marsal and Centerview Partners, and the secured lenders' financial advisor FTI, Houston co-counsel Porter Hodges and Canadian counsel Fasken.
The new company, Westmoreland Mining Holdings LLC, has retained Kramer Levin as its counsel.
The breadth of expertise of the Kramer Levin team who worked on this transaction demonstrates Kramer Levin’s strengths as a full-service firm. The team included: