The United States Bankruptcy Court for the Southern District of Texas, Houston Division approved the going-concern sale of Westmoreland Coal’s assets pursuant to its Chapter 11 plan.

Alvarez & Marsal is acting as restructuring adviser to the company during the bankruptcy process.

Westmoreland expects to complete transactions associated with its financial restructuring – which will preserve over a thousand jobs in the U.S. and Canada – and emerge from Chapter 11 protection by the end of the first quarter 2019.

Under the terms of the plan, Westmoreland’s first lien creditors will take ownership of the company’s assets, including its Colstrip, MT, San Juan, NM and Canadian operations (with the exception of Kemmerer mine operations). Westmoreland’s mine assets will remain in operation under new leadership and the company will continue operating in the normal course, emerging with a strengthened balance sheet and better positioned to succeed.

Additional Westmoreland bankruptcy advisors include Kirkland & Ellis as legal counsel, Centerview Partners as investment banker and financial advisor and McKinsey Recovery & Transformation Services U.S. as an operational advisor.