Coal Bankruptcy

This photo shows Eagle Butte mine in in Gillette, Wyo., following the closure of the Blackjewel mines Tuesday, July 2, 2019. The CEO of one of the nation's largest coal producers says he's confident the company will bounce back despite the shutdown of several mines after it filed for federal bankruptcy protection. (Josh Galemore/The Casper Star-Tribune via AP)

CASPER, Wyo. — A U.S. judge has approved funding to allow a bankrupt coal company to maintain basic operations for a few days.

U.S. District Judge Frank Volk in West Virginia approved $2.9 million in debtor-in-possession financing Friday from two lenders to Milton, West Virginia-based Blackjewel LLC.

The money in part will allow Blackjewel to pay about 140 employees who remain at work in West Virginia, Wyoming and elsewhere.

The Casper Star-Tribune reports the move will give the company a bit more time to find additional financing.

Without a longer-term solution, the company may be forced to sell properties, including its closed Eagle Butte and Belle Ayr mines in Wyoming.

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