Lighthouse Resources Declares Bankruptcy in Montana
On December 3, 2020, Lighthouse Resources Inc announced that it and substantially all of its direct and indirect subsidiaries have filed voluntary
On December 3, 2020, Lighthouse Resources Inc announced that it and substantially all of its direct and indirect subsidiaries have filed voluntary petitions for a court-supervised restructuring process under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the District of Delaware. Upon approval by the Court, cash-on-hand and cash generated from the Company's on going operations will be used to support the business during the court-supervised process.
Court-supervised operations will continue at reduced levels at the Decker mine in Montana. The Chapter 11 reorganization also includes Millennium Bulk Terminals in Longview, Washington, where operations will continue without reduction. Interested parties will have the opportunity to acquire Millennium's rights under the court-supervised process. Additionally, the Company has a joint venture interest in Black Butte Coal Company in Wyoming. Black Butte has not filed a Chapter 11 petition and will continue with normal operations.
This court-supervised process allows Lighthouse to continue serving customers in the ordinary course while securing protections that will give it time to consider options for the best path forward.