Justice family-owned coal firm reaches debt settlement
CHARLESTON, W.Va. (AP) — A coal firm controlled by West Virginia Gov. Jim Justice’s family has reached a nine-digit settlement agreement with a Swiss bank.
Bluestone Resources Inc. has agreed to pay up to $320 million to lenders, The Gazette Mail reported. Credit Suisse Asset Management announced the agreement on Friday.
Bluestone CEO Jay Justice, Gov. Justice’s son, said the proceeds from any sale of Bluestone entities would be shared between the Justice family and lenders.
“We have negotiated a settlement which enables us to take advantage of the favorable market conditions for met coal and secure the position of the mines and the employees and communities who depend on them for the foreseeable future,” Jay Justice said in a statement released by Credit Suisse.
A total of $850 million is still outstanding after the finance group Greensill Capital loaned the governor’s companies that much in 2018. Greensill filed for bankruptcy last year.
Justice said last year that he personally guaranteed the $850 million in loans, putting him on the hook for paying back the remaining balance, the newspaper reported.