Bankrupt Alpha Natural Resources Offered $500M for Assets

AlphaLogoLast August MDN told you that Alpha Natural Resources, one of the largest metallurgical coal producers in the world, had filed for bankruptcy. We also told you that Alpha is a driller in the Marcellus Shale–drilling on its own land and as part of a joint venture with Rice Energy (see Alpha Natural Resources in Bankruptcy – What about Marcellus?). Alpha owns 30 producing Marcellus Shale gas wells in PA. We mused at the time: What does the Alpha bankruptcy mean for its Marcellus drilling program? Bankruptcy proceedings have proceeded and it appears most of the company’s assets, including the shale wells, are on the auction block. A group of “unspecified lenders” have offered $500 million. Others can now make their bids by March 28…

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