“Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland’s coal operations include sub-bituminous and lignite surface coal mining in the Western United States and Canada, an underground bituminous coal mine in Ohio, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, formerly Oxford Resource Partners, LP, a publicly-traded coal master limited partnership with six mining complexes. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina.” From LinkedIn.
BDC Credit Reporter View
10/9/2018: With the Company filing for Chapter 11 and news reports suggesting senior lenders might enter into a debt-for-equity swap, BKCC – the only BDC lender – might end up as an owner. Whether some portion of the debt outstanding will be charged off as a Realized Loss is unclear.
IIQ 2018: Loan becomes non-performing.
IQ 2018: For valuation reasons, Company placed on Watch List.
IIIQ 2017: BKCC initiates first lien loan to Company.