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Massive scam has unfolded here . Our asset is now in the hands of a wealthy bank/vulture fund.
Business as usual. Lick yer wounds.
Move along nothing to see here.
it shareholders with nothing which is pretty standard when a business goes under. there is a list of who gets paid first with the money recieved.
now whether you believe there is any connection between the previous BOD and the future no idea. the company how too much debt it declared, couldnt pay and so went into admin.
in theory all shareholders have lost out even the BOD. its not unusual for companies to use admin to remove different debt and obligations and start again? no idea whether this is the case but we stand no chance of getting anything.
Thanx for all the info, unvrkw, but where does all this come from and where does it leave us?
What I understand is that White Oak has bought the assets out of the bankrupt ATC for a song and left the shareholders behind with nothing. Nobody cares and nobody is going to do anything about it.
SSG Capital Advisors, LLC ("SSG") acted as the investment banker to Atlantic Carbon Group Plc ("Atlantic Carbon" or the "Company") in the sale of its equity interests to ACG Holdco, LLC, an affiliate of White Oak Global Advisors, LLC ("White Oak"). The sale was effectuated through an Administration proceeding in the United Kingdom and an ancillary Chapter 15 proceeding in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in December 2019.
Atlantic Carbon is a leading anthracite mining and processing company with operational headquarters in Hazleton, Pennsylvania. The Company is among the top U.S. suppliers of high-quality anthracite coal from surface mines with property that spans over 2,500 acres of owned and leased land. Atlantic Carbon is one of the largest anthracite mining producers with a maximum operating capacity of approximately 480,000 tons of anthracite coal annually.
While Atlantic Carbon had a strong history of successful operations and continued growth, a recent acquisition of a nearby mining site constrained liquidity which led them to trip loan covenants. Upon receipt of a notice of default from its lender, Atlantic Carbon opted to initiate an Administration proceeding in the United Kingdom to protect its assets and continue as a going concern.
SSG was retained by the UK Administrators to conduct a comprehensive marketing process and solicit offers for the equity interests in Atlantic Carbon. The process attracted significant interest from several domestic and international strategic and financial parties. A credit bid from White Oak was ultimately determined to be the highest and best offer for all of Atlantic Carbon's equity interests. SSG's previous anthracite coal experience and special situations sale expertise enabled the Company to continue operations as a going concern, preserve over 150 jobs in Northeast Pennsylvania and maximize value for all stakeholders.
White Oak is an investment advisor and private credit firm that provides small and middle market businesses with term loans, asset-based loans, invoice factoring, trade finance, equipment financing and treasury management.
Other professionals who worked on the transaction include:
Alastair P. Beveridge, Simon J. Appell and Clare L. Kennedy of AlixPartners UK LLP, Joint Administrators for Atlantic Carbon Group Plc;
Seth Schwartz of Energy Ventures Analysis, Inc., restructuring operator for Atlantic Carbon Group Plc;
Graham Lane and Iben Madsen of Willkie Farr & Gallagher (UK) LLP, counsel to the Joint Administrators for Atlantic Carbon Group Plc;
Pauline K. Morgan, Sean T. Greecher and Jordan E. Sazant of Young Conaway Stargatt & Taylor, LLP, counsel to Atlantic Carbon Group Plc in the Chapter 15 proceeding; and
Deyan P. Spiridonov, Andrew V. Tenzer and Shlomo Maza of Paul Hastings LLP, counsel to ACG Holdco, LLC and White Oak Global Advisors, LLC, as Administrative Agent.