BECKLEY, W.Va. — Alpha Natural Resources has received a $500 million offer from secured lenders for the potential sale of its core assets, according to documents filed Monday in U.S. Bankruptcy Court.
After Alpha filed bankruptcy six months ago, market conditions have only continued to decline.
With industry analysts not projecting any improvements, Alpha explored its options and elected to move forward with the sale of its assets. The unspecified lenders have agreed to serve as the lead bidder, but other competitors are allowed to make higher bids.
If another bidder enters a higher bid, the asset will go to auction. However, if only one bid is received and accepted, the transaction will be completed through bankruptcy court…