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After a mine fire shut down the Longview Mine, the Chapter 11 restructuring enabled a successful operational restart, preserved approximately 500 jobs, and paid creditors in full.
The Turnaround Management Association (TMA) named Century Mining, LLC's Chapter 11 restructuring the 2026 Mid-Size Company Turnaround/Transaction of the Year. J.S. Held served as Chief Restructuring Officer (CRO) for Century Mining, which operates as Allegheny Metallurgical. A roof fall and mine fire had stopped all production at its metallurgical coal mine in Volga, West Virginia. Working with counsel and management, the J.S. Held CRO team arranged new equity, exit financing, and an insurance settlement, preserving about 500 jobs.
NEW YORK, N.Y., October 6, 2026 -- Global consulting firm J.S. Held today announced that the Turnaround Management Association (TMA) named its work for Century Mining, LLC, operating as Allegheny Metallurgical, the 2026 Mid-Size Company Turnaround/Transaction of the Year. TMA will present the award at the TMA Annual Conference in Houston, Texas.
In May 2024, a roof fall and the mine fire that followed forced Century to shut down the Longview Mine, and its revenue stopped entirely. Cash was running short, payroll was at risk, and the company had to hold on to its skilled workforce and suppliers while planning a safe, technically complex restart. On top of that, the owners at the parent level were deadlocked. That blocked new equity and held up the capital and purchasing decisions the recovery depended on.
Century's Board of Managers and counsel decided Chapter 11 was the fastest way forward. J.S. Held was appointed CRO, and Century filed in November 2024. Its Plan of Reorganization was confirmed in March 2025, four months later. The J.S. Held CRO team used the case to restore decision-making authority and secure interim financing. It set up a critical-vendor program to keep suppliers in place and structured a recapitalization combining new equity, exit financing, and insurance recoveries. Incentive programs tied to restart milestones kept the workforce ready to return.
Working with the company outside counsel at Campbell & Levine and Century's management team, the J.S. Held CRO team delivered these results:
TMA has recognized excellence in corporate renewal and restructuring through its annual awards program since 1993.
J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.
More than 1,500 professionals serve organizations across six continents, including 84% of the Global 200 Law Firms, 75% of the Forbes Top 20 Insurance Companies (90% of the NAIC top 50 Property & Casualty Insurers), and 71% of the Fortune 100 Companies.