Westmoreland Coal Company filed a motion in the US Bankruptcy Court for the sale of substantially all assets of Oxford Mining Company, LLC and New Buckingham on January 22, 2019. The debtor seeks the Court's approval for the sale of substantially all assets of Buckingham assets to Bayou Coal Partners, LLC for a purchase price of $1.75 million in cash plus assumption of the assumed liabilities, which includes all reclamation obligations and certain trade payables equal to $0.75 million. Debtor also seeks to sell Oxford assets to Sabine Pass Coal Company, LLC for assumption of assumed liabilities, which includes all reclamation obligations.

Buyer has made a deposit of $1.75 million for Buckingham assets and $0.75 million for Oxford assets. To qualify as a qualified bidder, interested parties should submit their bids by January 30, 2019, along with good-faith deposit in the amount of $2.5 million. The initial minimum overbid should be at least $0.35 million for the oxford mining assets.

The debtor has scheduled an auction on February 1, 2019. The sale hearing is scheduled for February 4, 2019.