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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.