Hartshorne sets bid procedures for sale of substantially all assets

By Caroline Salls

Pittsburgh, March 9 – Hartshorne Holdings, LLC requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the Western District of Kentucky.

The sale is a requirement under the company’s debtor-in-possession financing agreement.

Under Hartshorne’s proposed timeline, indications of interest are due from potential bidders by 5 p.m. ET on April 10, and final bids are due by 5 p.m. ET on May 5.

Any stalking horse bid will be selected by 5 p.m. ET on May 10.

An auction will be held on May 18, if necessary. Bids at auction must be made in minimum increments of $500,000.

The company is requesting a May 22 sale hearing.

The sale is expected to close by June 14, with a maximum extended closing date of July 19.

Rumsey, Ky.-based Hartshorne develops and operates coal mining projects in the United States. The company filed bankruptcy on Feb. 20 under Chapter 11 case number 20-40133.

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