Federal bankruptcy judge reopens Alpha Natural Resources proceedings citing concerns
A judge is reopening the Bristol-based Alpha Natural Resources bankruptcy case.
Alpha reorganized in bankruptcy to create a new company, Contura.
Now they’re in the processing of merging and have changed locations from Bristol, Virginia to Bristol, Tennessee.
The New York Times and Wall Street Journal report that a bankruptcy judge in Richmond is reopening the case to consider claims that a consultant, McKinsey and Company, failed to disclose investments in alpha while helping it reorganize.
McKinsey is reported to deny any violation of federal codes.
The codes bar professionals from hiding their stakes in companies although possessing an interest is not automatically disqualifying.