Coal Industry’s Difficulties Prove a Windfall for Lawyers and Financial Types

first_img FacebookTwitterLinkedInEmailPrint分享Taylor Kuykendall for SNL:The prolonged decline in global coal prices has sent a number of major producers into bankruptcy, costing equity investors, lenders and suppliers billions. But for those firms overseeing producers’ reorganization efforts, the fallout has proven lucrative. According to S&P Capital IQ data, the six largest coal company bankruptcies since 2012 have spent at least $117.0 million for legal and financial advice on their reorganizations. That total does not account for the rest of the full list of about 50 coal company bankruptcies filed since 2012.The $117.0 million figure, by comparison, is larger than the market capitalization of coal miner Rhino Resource Partners LP and approaching the approximately $135 million market cap of Westmoreland Coal Co.Once considered a rising star in the U.S. coal industry, Illinois Basin producer Foresight Energy LP’s entire market value is less than two and a half times higher than the amount spent in those bankruptcies. Foresight may have come close to a bankruptcy filing itself recently, even filing a going concern notice during prolonged and frequently delayed negotiations with bondholders.Alpha Natural Resources Inc. appears to be the most expensive bankruptcy so far. The company has reported $28.4 million in bankruptcy adviser fees. Coming in at a very close second is Walter Energy Inc., also reporting bankruptcy professional fees of that magnitude.Peabody Energy Corp., reports it has already been billed for $27.5 million in bankruptcy advisory fees though it has just begun the bankruptcy process.Arch Coal Inc. has reportedly been billed $18.5 million in bankruptcy advisory fees. Patriot Coal Corp. reported it was billed $3.3 million in adviser fees for its first bankruptcy in 2012, only to be forced to spend another $10.9 million on a second bankruptcy just a few months later.Full article ($): Top coal bankruptcies spawn $117M market for financial, legal advisers Coal Industry’s Difficulties Prove a Windfall for Lawyers and Financial Typeslast_img read more

Supreme Court OKs live coverage of Maguindanao massacre ruling

first_imgThe verdict on the Maguindanao massacrewill be handed down by the Judge Jocelyn Solis-Reyes of the Quezon CityRegional Trial Court Branch 221 at the Quezon City Jail Annex at Camp BagongDiwa in Taguig City at 9 a.m. Last month, several news outfits,journalists’ organizations and government communications agencies have petitionto allow the media to cover live the release of verdict. “Because of the paramount publicinterest involved in this case, the Supreme Court, which is overseeing thematter, would like to have live television coverage of the proceedings,” Hosakasaid Other reporters, however, will be ableto see the proceedings from a screen in the media room showing live footagetaken by state media PTV4. Recording devices other than the PTV4 and the SC’scameras are prohibited inside the courtroom itself. SC spokesperson Brian Keith Hosaka saidSC justices have unanimously voted for the live airing of the verdict readingat Camp Bagong Diwa in Taguig City on Tuesday. Backed by mainstream news outlets, theNational Union of Journalists of the Philippines, the Center for Media Freedomand Responsibility, and the Philippine Center for Investigative Journalism saida live coverage would benefit relatives of the massacre victims who could notafford to fly to Manila. Several Ampatuans and alleged members oftheir private army were charged for conspiring to kill 58 people, 32 of whomwere journalists, on a hill in Ampatuan town, Maguindanao on Nov. 23, 2009.center_img The promulgation of judgment on theinfamous massacre against more than a hundred defendants will be theculmination of a 10-year case at the trial court level. MANILA – The Supreme Court (SC) allowed thelive media coverage of the release of the court verdict on the decade-old Maguindanaomassacre case on Dec. 19. According to Hosaka, due to spaceconstraints and security concerns, only accredited members of the media will beallowed in a designated media room inside the police camp. Andal Ampatuan Jr. (center) is the former mayor of Datu Unsay, Maguindanao, charged with multiple mass murder. The Supreme Court en banc approved on Tuesday the live coverage of the promulgation of judgment of the Maguindanao massacre – considered as the worst election-related violence and attack on press freedom in the Philippines. UNTV The incident is known as thePhilippines’ worst case of election-related violence and the single deadliestattack on members of the press since detailed records were kept./PNlast_img read more