Atlantic Carbon Group Plc (“Atlantic Carbon” or the “Company”) is a leading anthracite mining and processing company with its operational headquarters in Hazleton, Pennsylvania. The Company is among the top U.S. suppliers of high-quality anthracite coal, from surface mines, with property that spans over 2,500 acres of owned and leased land. Atlantic Carbon is one of the largest anthracite mining producers with a maximum operating capacity of approximately 480,000 tons of anthracite coal annually.
While the Company had a strong history of successful operations and continued growth, a recent acquisition of a nearby mining site placed a strain on cash flow. Constrained liquidity led to the Company tripping loan covenants. Upon receipt of a notice of default from its lender, Atlantic Carbon opted to initiate an Administration proceeding in the United Kingdom to protect its assets and continue as a going concern business. The Administration was followed by an ancillary Chapter 15 proceeding in the U.S.
SSG was retained by the UK Administrators to conduct a comprehensive marketing process and solicit offers for the equity interests in Atlantic Carbon. The process attracted significant interest from several domestic and international strategic and financial parties. A credit bid from White Oak was ultimately determined to be the highest and best offer for all of Atlantic Carbon’s equity interests. SSG’s previous anthracite coal experience and special situations sale expertise enabled the Company to continue operations as a going concern, preserve over 150 jobs in Northeast Pennsylvania and maximize value for all stakeholders.