Blackjewel CEO out, court grants emergency financing
July 4, 2019
GILLETTE — Blackjewel LLC President and CEO Jeffrey Hoops Sr. will resign as a condition of a federal bankruptcy court’s order granting $5 million in emergency financing to pay for security and other maintenance at the company’s properties as it pursues a Chapter 11 reorganization.
The financing, which will come from Riverstone Credit Partners, will provide money to adequately secure shuttered Blackjewel coal mining operations, including the Eagle Butte and Belle Ayr mines in Campbell County. The mines were abruptly shut down and employees locked out Monday afternoon just hours after...