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New Filing
Coal Producer M3 Energy Resources Files in Kentucky
M3 Energy Resources LLC filed for Chapter 11 protection yesterday in London, Kentucky, in the face of default on payments due following acquisitions last year.
M3, based in San Diego, produces coal near Manchester, Kentucky. It was formed in July through asset acquisitions from four sellers.
The company had been sued in state court for non-payment to a seller. If filed in Chapter 11 given the inability to cover payment arrears that were due March 31 under a court order.
The petition says debt is less than $50 million.
The case is In re M3 Energy Resources LLC, 11-60480, U.S. Bankruptcy Court, Eastern District of Kentucky (London).