Bankruptcy of Oakland project marks a bellwether moment for U.S. coal export ambitions

Read the full story from IEEFA.

A long-shot proposal to send coal 700 miles overland from Utah to Oakland for transoceanic shipment to Asian markets is dead. 

A U.S. bankruptcy judge in Kentucky last week approved a plan by the proposed project’s major creditor, Autumn Wind Lending LLC, to take over a sublease at the Oakland Bulk and Oversized Terminal (OBOT) that was held by Utah-based Insight Terminal Solutions (ITS) LLC. Autumn Wind Lending is a subsidiary of a private Los Angeles-based investment fund that has shown no intention of utilizing the terminal for coal exports. The ruling follows a refusal by the Utah Legislature in August to give ITS a $20 million bailout.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: