Coal Firm Served by NS, CSX Files for Bankruptcy

A Kentucky coal operator whose mines in the eastern region of the state are served by CSX and Norfolk Southern has filed for bankruptcy protection in what is viewed as a step toward the sale of the company.

Cambrian Holding Company filed for Chapter 11 bankruptcy protection in U.S. District Court in Lexington, Kentucky, and subsequently issued a statement saying that is “will explore a sale process under court supervision.”

The company is based in Belcher, Kentucky. The bankruptcy filing said Cambrian has nearly $21 million. S&P Global said Cambrian lists assets of $10 million and $50 million, and liabilities between $100 million and half a billion dollars.

Cambrian President Mark Campbell attributed the bankruptcy to falling coal prices and financial complications following its purchase of Teco Energy.

In a statement, Campbell said Cambrian’s mines will continue to operate.

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