SSG Capital Advisors served acted as investment banker to Atlantic Carbon Group in the sale of its equity interests to ACG Holdco, an affiliate of White Oak Global Advisors.
The sale was effectuated through an Administration proceeding in the UK and an ancillary Chapter 15 proceeding in the U.S. Bankruptcy Court for the District of Delaware.
Atlantic Carbon is an anthracite mining and processing company with operational headquarters in Hazleton, PA. The company is among the top U.S. suppliers of high-quality anthracite coal from surface mines with property that spans more than 2,500 acres of owned and leased land.
While Atlantic Carbon had a strong history of successful operations and continued growth, a recent acquisition of a nearby mining site constrained liquidity which led them to trip loan covenants. Upon receipt of a notice of default from its lender, Atlantic Carbon opted to initiate an administration proceeding in the United Kingdom to protect its assets and continue as a going concern.
SSG was retained by the UK administrators to conduct a comprehensive marketing process and solicit offers for the equity interests in Atlantic Carbon. A credit bid from White Oak was ultimately determined to be the highest and best offer for all of Atlantic Carbon’s equity interests. SSG’s previous anthracite coal experience and special situations sale expertise enabled the company to continue operations as a going concern, preserve over 150 jobs in Northeast Pennsylvania and maximize value for all stakeholders.
