Westmoreland Coal Company filed a notice for the selection of Successful Bidder in the US Bankruptcy Court for the sale of substantially all assets of Oxford Mining Company, LLC and New Buckingham on February 1, 2019. As a result of the auction conducted on February 1, 2019, CCU Coal and Construction, LLC, has been selected as the winning bidder for the sale of substantially all assets of Oxford Mining Company, LLC and Buckingham Mine. The successful bid provides a purchase price of $1.8 million in cash, with an assumption of $0.80 million of trade payables for Buckingham assets.

For the Oxford Assets, the successful bid's purchase price is a reduction of the net working capital target amount from $3.75 million to $3.50 million. Under the terms of the asset purchase agreement, the buyer shall make deposit in the amount of $0.75 million upon the execution of the agreement. The transaction is expected to close on February 12, 2019.

The buyer is represented by Donald W. Hughes and Elliot M. Smith of Squire Patton Boggs (US) LLP as its legal advisor.