07 Feb Restructuring Practice Leader Sheldon Stone Emerges as Leading Expert on Coal Bankruptcies
Amherst Partners is pleased to announce that Partner and Restructuring Practice Leader Sheldon L. Stone has been asked to present at the Institute for Energy Economics and Financial Analysis’ (IEEFA) upcoming Finance Training Seminar at Columbia University Law School in New York City, March 13, 2017 – March 15, 2017.
While Mr. Stone has extensive restructuring and turnaround experience across a range of industries, he has recently emerged as a key resource for environmental stakeholders seeking to ensure that coal companies are held accountable for the reclamation obligations that are mandated as part of any bankruptcy proceedings.
In addition to the current case involving Peabody Energy Corporation, the largest coal company in the world and the largest current corporate bankruptcy in the United States, Mr. Stone has advised on recent proceedings involving Alpha Natural Resources, Westmoreland Coal Company, Atlantic Richfield Company, as well as other producers invested in the Powder River Basin area of Wyoming.
“One challenge in these large energy bankruptcies is ensuring that the public does not have to fund environmental cleanup that the coal companies should be responsible for,” says Stone. “Reclamation, done correctly, results in a landscape that resembles its pre-mined state and which is secure from the ongoing forces of erosion. But it is not an inexpensive process. Making sure that the bankruptcy provisions include adequate capital to do the job right ensures the community and the taxpayers’ interests are protected.”