Clintwood JOD mining operation sold in bankruptcy proceedings

A Southwest Virginia based coal producer has had all of its assets sold in US bankruptcy court for what one published report said was pennies on the dollar.

The sale of Clintwood JOD resulted in layoffs at their Buchanan County facilities on Friday.

The company had previously laid off 300 workers in March as the US coal industry continues a downward trajectory due to cheaper foreign supplies. Clintwood JOD had mines in both Virginia and Eastern Kentucky.

Clintwood had a more than $37 million bill to a number of creditors, according to the Kentucky.com report, and its assets were purchased by CW Reclaim LLC of Cleveland, Ohio.

(IMAGE: Property of Pixabay / hangela)