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Blackhawk Mining gets final court approval of additional financing
By Caroline Salls
Pittsburgh, Oct. 25 – Blackhawk Mining LLC received final court approval of an amendment that will increase the size of its debtor-in-possession term loan facility by $35 million, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.
The originally approved DIP credit agreement called for a $90 million asset-based revolving facility and a $150 million dual-draw secured term loan facility. The term loan facility included $50 million of new money and the roll up of $100 million of a pre-bankruptcy first-lien term loan.
According to the motion, “The incremental liquidity...will enable the debtors to continue operations without interruption while bridging to confirmation of the amended plan and emergence from Chapter 11.”
Blackhawk Mining is a Lexington, Ky.-based producer of coal, operating nine active coal mining complexes in West Virginia and Kentucky. The company filed bankruptcy on July 19 under Chapter 11 case number 19-11595.
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