Alpha Bankruptcy Progresses

Alpha Natural Resources says it has received a $500 million offer from existing lenders for the potential sale of assets. Alpha announced the offer in a filing Monday in federal bankruptcy court in Richmond, Virginia, and says the lenders have agreed to serve as the lead bidder. The offer would set the floor for an auction process that lets competitors make higher bids. The offer includes all Alpha coal assets in Pennsylvania and Wyoming and some assets in Virginia and West Virginia. Alpha filed for bankruptcy protection in August and says it hopes to emerge from bankruptcy by July.