RUMSEY, Ky. (WFIE) - Court documents show that Hartshorne Mining Group, which owns the Poplar Grove Coal Mine in McLean County, filed a “proposed asset sale agreement” to sell a portion of their assets
Earlier in 2020, the company had previously filed for Chapter 11 bankruptcy.
“That allows a company, or an individual, to restructure their debt in order to hopefully continue operations,” McLean County Judge-Executive Curtis Dame said.
The company’s attorney tells us they are continuing to operate, but Dame believes the mine could soon be closing.
“It’s sort of like getting to the end of the road,” Dame explained. “The debt burden is so much that the operation ceases to be productive and also profitable.”
“We hate to see the coal mine go, and not because of county tax revenues, but because of the positive impact that mine and other mines had here on our county.”
Dame says he saw it coming, so the county saved up coal funds. At the end of the year, county officials will have $500,000 more saved up than they did in 2019.
This allows the county to restructure financially until those dollars are depleted.
“McLean County has been through floods, tornadoes, different disasters - every time the community comes together,” Dame said. “We have hard working individuals here, and I think you’ll see that type of mindset and perseverance take us farther than we’ve ever been.”