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Coal producer Alpha says lenders have offered $500M for its assets

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CHARLESTON, W.Va. – Alpha Natural Resources said it received a $500-million offer from existing lenders for the potential sale of the bankrupt coal producer’s core assets.

Alpha, based in Bristol, Va., announced the offer in a filing Monday in federal bankruptcy court in Richmond, Va.

The filing said the lenders have agreed to serve as the lead bidder. The offer would set the floor for an auction process that would let competitors make higher bids.

The offer includes all Alpha coal assets in Pennsylvania and Wyoming and some assets in West Virginia and Virginia. Also included are natural gas holdings in Pennsylvania’s Marcellus Shale and its interest in a Newport News, Va., coal export terminal.

Alpha filed for bankruptcy protection in August and said it hopes to emerge from bankruptcy by July.

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