Oh wellz
Coal company yanks IPO, blaming 'market conditions'
Just a few weeks ago, Contura Energy was crediting President Trump for creating a brighter future in the coal industry. Now, the coal miner has ditched its plan to go public due to "market conditions."
Contura Energy, which was expected to go public on the New York Stock Exchange on Thursday, said it feared the deal would "undervalue" the company.
The retreat marks a setback for Contura, which is a revamped version of Alpha Natural Resources. Contura acquired the core assets of Alpha when the miner filed for bankruptcy two years ago amid the collapse of the coal industry.
Contura's IPO filing mentioned "Trump" 13 times, mostly highlighting his administration's efforts to revive the coal industry by slashing Obama-era environmental regulations.
But Contura said in a brief statement its principal selling shareholders agreed it would be unwise to proceed with the IPO "under current market conditions." It declined to comment beyond the statement it released.
That reasoning is somewhat surprising because Contura coal prices are very high right now despite all the challenges the industry faces.
Coal company yanks IPO, blaming 'market conditions' - Aug. 11, 2017
Coal company yanks IPO, blaming 'market conditions'
Just a few weeks ago, Contura Energy was crediting President Trump for creating a brighter future in the coal industry. Now, the coal miner has ditched its plan to go public due to "market conditions."
Contura Energy, which was expected to go public on the New York Stock Exchange on Thursday, said it feared the deal would "undervalue" the company.
The retreat marks a setback for Contura, which is a revamped version of Alpha Natural Resources. Contura acquired the core assets of Alpha when the miner filed for bankruptcy two years ago amid the collapse of the coal industry.
Contura's IPO filing mentioned "Trump" 13 times, mostly highlighting his administration's efforts to revive the coal industry by slashing Obama-era environmental regulations.
But Contura said in a brief statement its principal selling shareholders agreed it would be unwise to proceed with the IPO "under current market conditions." It declined to comment beyond the statement it released.
That reasoning is somewhat surprising because Contura coal prices are very high right now despite all the challenges the industry faces.
Coal company yanks IPO, blaming 'market conditions' - Aug. 11, 2017
