Commodity Trade Mantra

Posts Tagged ‘Bankruptcy Protection’

This Coal Mine Valued At $630 Million In 2011 Just Sold For One Dollar

The total value of the Isaac Plains coal mine in 2011 was just about $630 million. In September 2014, Sumitomo and Vale shuttered the mine citing the downturn in the international coal market. Isaac Plains was then added to the long list of coal mines up for sale – for a princely sum of $1. Why the complete collapse in price of the coal mine? Simple: blame China.

The First Shale Casualty: WBH Energy Files For Bankruptcy; Many More Coming

American oil and gas companies have gone heavily into debt during the energy boom, increasing their borrowings by 55% since 2010, to almost $200 billion. Their need to service that debt helps explain why U.S. producers plan to continue pumping oil even as crude trades for less than $50 a barrel, down 55% since last June.

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