Media Coverage
Source: The Deal, AmLaw Daily, Global Banking and Finance Review
Media Coverage
12.07.15
A team of Pillsbury lawyers counseled the Virginia Conservation Legacy Fund (VCLF) in the $860 million sale of the bankrupt Patriot Coal Corp.’s assets, which was confirmed by a Virginia bankruptcy court judge on Oct. 8. Patriot’s assets were purchased in part by ERP Compliant Fuels LLC, a VCLF affiliate.
The Deal reports that ERP will acquire two of Patriot’s West Virginia mines; will take on more than $400 million in workers’ compensation, state black lung and environment obligations; and will assume or replace bonds financing reclamation and other liabilities. The innovative deal would pair subterranean coal mining with carbon credits generated by tree planting and other reclamation efforts.
Tom Clarke, CEO of the nonprofit VCLF, told The AmLaw Daily that the transaction “addressed the environmental liabilities and kept 3,000 people employed.”
Insolvency & Restructuring partners Patrick Potter and Andrew Troop, and Corporate & Securities partner Matthew Swartz advised VCLF in the transaction, along with Sheila Harvey, the Chair of Pillsbury’s Regulatory Practice and Corporate & Securities partner David Baxter.