Coal analysts say bankruptcy filing is ‘increasingly likely’ for Illinois Basin’s Foresight Energy

first_imgCoal analysts say bankruptcy filing is ‘increasingly likely’ for Illinois Basin’s Foresight Energy FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):One of the few major U.S. coal companies to dodge the bankruptcy court may soon need to file for Chapter 11 restructuring if the current market and economic forces working against the coal industry persist, according to recent securities filings.Over the past few weeks, Foresight Energy LP exercised an option to delay a $24.4 million interest payment and negotiated the right to skip a publicly accessible quarterly call to discuss its third-quarter finances. As management of the Illinois Basin coal miner management works to restructure its balance sheet, the New York Stock Exchange delisted its stock and Foresight affiliate Murray Energy Corp. filed for a bankruptcy reorganization.“With a significant debt load and a near-term pricing recovery increasingly unlikely, a Chapter 11 bankruptcy filing appears increasingly likely,” B. Riley FBR analyst Lucas Pipes wrote in a Nov. 14 note.While some coal companies struggled to sell assets even through bankruptcy auctions, Pipes noted that Foresight still owns some attractive mining assets, with its longwall mines capable of producing coal at a lower cost than its peers. However, the company has about $1.25 billion in gross debt on its balance sheet.“The partnership continues to engage in discussions with its creditor constituencies and is exploring potential restructuring alternatives,” Foresight wrote in a Nov. 12 securities filing. “As a result of these discussions and potential restructuring efforts, it may be necessary for us to file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in order to implement a restructuring, or our creditors, under certain circumstances, could force us into an involuntary bankruptcy or liquidation.”Illinois Basin producers turned to a recent boom in export markets to make up for a decline in domestic demand, but that demand is retrenching. In the third quarter of 2018, Foresight captured $140.8 million in international coal sales. In the third quarter of 2019, it reported $34.8 million from export markets, a 75.3% decline. Domestic sales fell from $151.2 million to $146.7 million in the same period. More ($): Weakening coal market conditions move Foresight to shakier groundlast_img read more

Manchester United beat Sunderland 3-0

first_imgHENRIKH Mkhitaryan scored a memorable goal as Manchester United beat struggling Sunderland to record their fourth successive Premier League win.Manchester United were the dominant side – enjoying 63% of possession and having a total of 25 shots on goal – but only a first-half Daley Blind effort separated the teams until the final 10 minutes.The Dutchman was put through by a delightful Zlatan Ibrahimovic pass and fired low into the bottom-right corner for his first goal of the season, before United doubled their advantage with Paul Pogba setting up Ibrahimovic with eight minutes remaining.Substitute Mkhitaryan added gloss to the scoreline with a brilliant backheeled 12-yard volley, which manager Jose Mourinho described as “phenomenal”, though replays suggested the Armenian was offside.It is a victory which draws United level with fifth-placed Tottenham, although the north Londoners have a game in hand, against Southampton today.Fabio Borini scored a wonderful late consolation for Sunderland, but defeat – their third in four games – leaves the Black Cats two points adrift of safety.Both halves belonged to the hosts and the passing statistics emphasised their dominance, with Mourinho’s men making 606 passes compared to Sunderland’s 177.But the hosts were unable to shake off the visitors until the introduction of Mkhitaryan after the break added much-needed zip and verve.Pogba was the stand-out player on the pitch, bossing play from the middle of the field and driving his team forward, and while Ibrahimovic played a part in all three goals it was Mkhitaryan who gave his side an extra dimension in attack.The 27-year-old’s strike was a special one, with the former Borussia Dortmund player, at the Stretford End, acrobatically directing Ibrahimovic’s cross into net with the back of his heel.last_img read more

14 days agoWolves chairman Jeff Shi confirms they’re seeking new investment

first_imgWolves chairman Jeff Shi confirms they’re seeking new investmentby Paul Vegas14 days agoSend to a friendShare the loveWolves chairman Jeff Shi says the club are seeking money from investors.Chinese group, Fosun International, bought Wolves in 2016 for £45m and have invested huge funds to take the club from the Championship to the Premier League.After qualifying for the Europa League this season, Shi says Wolves want to continue improving.”We welcome any new partnership, new funding, new sponsorship to help us, to grow together with us,” he told China Global Television Network.”And to push the club to a high level in the future.”Shi added that Wolves that the club hope to redevelop Molineux over the next three to four years in order to expand the capacity to 46,000. TagsTransfersAbout the authorPaul VegasShare the loveHave your saylast_img read more

10 days agoMatthijs de Ligt admits confidence knocked at Juventus

first_imgAbout the authorCarlos VolcanoShare the loveHave your say Matthijs de Ligt admits confidence knocked at Juventusby Carlos Volcano10 days agoSend to a friendShare the loveMatthijs de Ligt admits his confidence has taken a hit since leaving Ajax for Juventus.The defender, 20, has had a slow start to his Juve career.”I’m still not at my best, I know that,” he said after Netherlands’ 2-1 win in Belarus yesterday.“The more I play, the more I’ll get there. What I can do is keep working hard, doing my best and learning from my teammates.“At Ajax I felt a sense of invincibility. Now I feel less so, but it’s natural. I have a little less confidence than I did last season.“I’m at a new club, with a new style of play and new teammates. For me, it’s all new. It’s less familiar than at Ajax, but I’m getting better and better.” last_img read more

India face toughest World Cup qualifying match vs Qatar

first_imgDoha: A heart-breaking loss in the campaign-opener has dented their chances of moving ahead and the Indian football team faces another uphill task when it takes on Asian champion Qatar in its most difficult match of the World Cup second round qualifiers here on Tuesday. India let in two goals in the last eight minutes after taking an early lead to lose their opening match against Oman on September 5 in Guwahati. Ranked 62nd in the world, Qatar will start Tuesday’s Group E match against 103-ranked India as overwhelming favourites. Also Read – Puducherry on top after 8-wkt win over ChandigarhThey will look to claim their second consecutive win after crushing Afghanistan 6-0 in their opening match on September 5 here. The World Cup hosts have improved by leaps and bounds in the last few years. They won the Asian Cup in the UAE earlier this year and they gave good competition to the top South American sides in the recent Copa America where they took part on invitation. India have also shown improvement in recent times as was seen during the Asian Cup in January where they gave scares to the likes of the UAE and Bahrain and missed qualifying for the knock-out round by a whisker. Also Read – Vijender’s next fight on Nov 22, opponent to be announced laterHistorically, Qatar have been the dominant side, having won three out of four official matches played against India. One match ended in a draw. The last time the two sides played an official match was in September 2007 in the World Cup qualifiers where Qatar had thrashed India 6-0. India defeated Qatar 2-1 in Doha in 2011 in a friendly but that match was not considered an official game as India made more substitutions than the rules allowed. In the match against Oman in Guwahati on September 5, India clearly dominated the first half with a 1-0 lead only to concede goals in the 82nd and 90th minute to suffer a heartbreaking loss. Captain Sunil Chhetri, who scored the lone Indian goal against Oman in the 24th minute, conceded that Tuesday’s match will be the most difficult of the campaign. “We are, however, looking forward to it… there will be a fight, no matter who we play. We have to make sure we don’t repeat the small mistakes that cost us three points (against Oman),” the 35-year-old talisman said. Head coach Igor Stimac, who prefers possession-based football by building from the back, sought to dwell on the positives from the Oman match and said that his side has nothing to fear against Qatar. “Qatar are the strongest team in the group and playing them will not be easy. However, it’s a great opportunity to learn from. We have to change 4-5 players. There is no reason to fear and we shall look to score goals and play good football,” Stimac said. Qatari players are not taking India lightly and they are expecting a stern test from the visitors. “India had a good match against Oman, despite the defeat. They also performed well in the AFC Asian Cup earlier this year and they are always improving. We know that they are a good team and we respect them,” said defender Pedro Miguel.last_img read more

Ultralowcost carrier Wow Air rolls out new route between Vancouver and Iceland

first_imgVANCOUVER – Vancouverites looking for low-cost flights to Iceland will soon have a new option when discount airline Wow Air adds a route out of the West Coast.The announcement, which stacks more competition onto a crowded market, means passengers can soon fly out of Vancouver International Airport to Reykjavik, the island nation’s capital, six days a week.The airline says one-way fares start at $129 for flights beginning in June, and are available for purchase as of today.Wow Air will now be battling bigger rival Icelandair for B.C. passengers, and is part of a broader trend of upstart budget carriers in Canada, including WestJet’s Swoop — the ultra-low-cost airline launched four months ago — and Air Canada’s Rouge.The airline, which already operates out of Toronto and Montreal, recently announced it will end service to three cities in the U.S. Midwest: Cincinnati, Cleveland and St. Louis.Wow Air says Reykjavik will also serve as a stopover for Canadian passengers en route to and from New Delhi, Tel Aviv and various European cities.Companies mentioned in this story: (TSX:WJA, TSX:AC)last_img read more

Top US trade official takes aim at Peru in logging dispute

first_imgLIMA, Peru — The top U.S. trade official has taken the first step toward potential sanctions on Peru for allegedly violating the environmental protections included in its free trade pact.U.S. Trade Representative Robert Lighthizer announced Friday that the Trump administration has requested consultations with Peru. The consultations are aimed at opening a diplomatic channel to resolve the dispute before advancing toward more punitive measures.Peru recently moved an agency monitoring the nation’s notoriously corrupt logging industry to be under the Environment Ministry. The agency is required to be independent under the U.S-Peru trade pact.Peru’s government contends the forest auditor’s office remains independent despite the shift.The case could have broader implications as Washington debates ratifying a new North American free trade deal.The Associated Presslast_img read more

CODE RED is seeking Donations

first_imgWhole Wheat and HoneyInvestors Group Wealth ManagementA link to the FB Page CLICK HEREA link to the FB Event Page CLICK HERE FORT ST. JOHN, B.C. – CODE RED is a week-long feminine hygiene drive from December 17th – 21st, 2018CODE RED is a Campaign that is collecting feminine hygiene products for those in need, these items are often overlooked and are essential for a woman, for one week, once a month.Creator of the campaign Jessica Telizyn is a resident of FSJ who is currently enrolled in University in another Province and was inspired by a ‘Period Club’ at her school, she recognized there is a real need for this type of help in any community. All collected feminine hygiene products are broken into period-packs that will be donated to the Fort St John Women’s Resource Society. The campaign will help women to have access to the tampons or pads they need to get them through the month when in some cases they could be going without feminine hygiene products altogether.Donating can be newly purchased boxes as well as open boxes of pads or tampons that you may have as these items are individually wrapped and are ok to donate. The last day of the drive these packages will be separated to create period-packs, customized bags including the supplies needed to help that individual woman get through her menstrual cycle.Although this drive is focused on feminine sanitary protection, other toiletries will be accepted such as shampoo and body wash.Drop off locations:Comfort & JoyTaylor District Ice Center Concessionlast_img read more

The BC Oil and Gas Commission is hosting Orphan Sites Information Sessions

first_imgFORT ST. JOHN, B.C. – The BC Oil and Gas Commission is hosting information sessions on Orphan Sites.The information sessions are for landowners that have orphaned well sites, how they are identified, how risk is managed and how they are restored.Wednesday, April 24th, 2019, from 6:30 pm to 8 pm at the Pomeroy Hotel and Conference Centre. For more information on the sessions email; [email protected] or call 250.794.5200last_img

CIL eyes 86 coal supply hike to power cos in FY20

first_imgKolkata: Coal India will supply 530 million tonne of coal to the power sector in 2019-20, a 8.6 per cent rise over the previous year. Though the annual production for the current fiscal have not been finalised yet, it is likely to be around 650 million tonne, said sources. “In FY’20, we have assured the government to supply 530 million tonne of coal to the power sector. Supply to the power sector during the last year was 488 million tonne, a rise of 7.5 per cent over 2017-18,” sources said. Also Read – Commercial vehicle sales to remain subdued in current fiscal: IcraRetaining the focus on power sector, CIL’s share of despatch to power sector has increased to 80 per cent in FY’19 from the level of 78 per cent during the previous two years. Sources said the supply quantity is based on feedback and projections by the government for the power growth. In the wake of thrust to the power sector, the share of coal allocated under e-auction segment has drastically reduced to 12.6 per cent of production from 16.9 per cent in 2017-18 and to the level of 20.5 per cent in 2016-17.last_img read more