Hidden Splendor appears from bankruptcy

UTAH producer America West Resources said Tuesday its subsidiary Hidden Splendor will emerge from Chapter 11 bankruptcy next week.
Hidden Splendor appears from bankruptcy Hidden Splendor appears from bankruptcy Hidden Splendor appears from bankruptcy Hidden Splendor appears from bankruptcy Hidden Splendor appears from bankruptcy

 

Donna Schmidt

The company’s plan of reorganization (POR) was confirmed Monday by the US Bankruptcy Court for the District of Nevada and will be effective December 19.

Based on the Horizon mine’s expected coal production, the producer said it believes the Utah complex will give it a “sufficient” cash flow from operations to manage its other financial obligations to Hidden Splendor's creditors going forward.

“We are very pleased that Hidden Splendor will be emerging from bankruptcy this month,” said America West chief executive Dan Baker.

“This will position America West well for 2009, allowing us to execute our growth strategy without distraction."

The company has extracted more than 1.3 million tons of coal from the Horizon operation since 2003.

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