Contura Energy

Madelyn Beck

When Alpha Natural Resources went into bankruptcy in 2015, it formed a new company called Contura Energy with some of Alpha’s best coal assets - mines in Wyoming and Appalachia.

Earlier this summer, Contura announced it was going to go public, hoping to expand in the U.S. and beyond. Usually, companies go public and sell shares to raise money and grow their business.  

Now, Contura is backing out of that plan.

The company said it’s because of "capital market conditions."

Stephanie Joyce

West Virginia has settled a suit with Alpha Natural Resources over inaccurate revenue projections included in the coal company’s bankruptcy plan. In early November the state accused Alpha’s former top executives of fraud after it came to light that the company had $100 million dollars in undisclosed liabilities on its balance sheet. Those executives now work for Contura, which owns Alpha’s former mines in Wyoming.

West Virginia regulators have filed a complaint accusing several top executives of the newly-formed coal mining company Contura of committing fraud.

Contura was created as a new company during Alpha Natural Resources' bankruptcy this year. Contura’s main assets are Alpha’s former mines in Wyoming and its leadership team is composed of former Alpha executives.

Stephanie Joyce / Wyoming Public Media

Alpha Natural Resources emerged from bankruptcy Tuesday as a much smaller company. 

As part of the bankruptcy deal, Alpha sold its core assets, including its mines in Wyoming, to a new company, Contura. Alpha will continue to operate a handful of mines in Appalachia, while Contura will take over the company's more lucrative mining operations in the Powder River Basin and elsewhere.

Contura is majority-owned by a group of Alpha’s former senior lenders. Employees of Alpha in Wyoming are now employed by Contura, which is being headed up by Alpha’s former CEO.