Case Studies

Recapitalizing & Restarting After a Mine Fire

J.S. Held Acquires GLI Advisors, Strengthening Our Construction Project Support Services in the Western US and Hawaii

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Home·Recapitalizing & Restarting After a Mine Fire

The Situation

Century Mining, operating as Allegheny Metallurgical, suffered a devastating coal mine fire in 2024 that completely shut down the mine. The company needed to secure new capital, arrange debt financing, negotiate a fire insurance claim settlement, repair the damaged mine, and bring the workforce back to restart operations. The Board of Managers and company counsel determined that Chapter 11 was the fastest and most expedient option to accomplish this. Our expert served as Chief Restructuring Officer, working with all stakeholders to ensure the project’s successful completion.

How We Advised

Century Mining filed Chapter 11 in November 2024 and exited through a confirmed Plan of Reorganization in March 2025 — just four months later. During the case, the Chief Restructuring Officer, counsel at Campbell Levine, and company management achieved significant results in that short timeframe, including:

  • $100M invested by various ownership members
  • $150M of new debt raised
  • $10M fire insurance claim settled and paid
  • $6M paid to employees as incentive payments
  • All creditors paid in full
  • Approximately 400 jobs preserved
  • Professional fees came in $2M under budget
  • Mine reopened 30 days ahead of schedule

Key Contacts

Dan Dooley, CTP
Senior Managing Director
Strategic Advisory Practice
+1 630 660 8952
[email protected]

 

Mark J. Welch, CPA, CTP
Senior Managing Director
Strategic Advisory Practice
+1 412 498 8258
[email protected]

 

Santino Morena
Associate Director
Strategic Advisory Practice
+1 630 664 3952
[email protected]

 

Nick Jones
Associate Director
Strategic Advisory Practice
+1 312 617 9346
[email protected]

Related Practice Areas

> Chief Restructuring Officer (CRO) & Interim Management Services
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value.

 

> Turnaround and Restructuring Services
Navigating the many challenges confronting a company in transition requires an operationally focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth. Drawing upon decades of experience in the turnaround space, we help companies in transition identify practical strategies to improve profitability and liquidity for immediate relief, while concurrently developing and executing a comprehensive turnaround plan for long-term, sustainable value creation.

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