KPMG Sells U.K. Powerfuel Mining to Company Funded by ING Bank

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KPMG Europe LLP, administrator for U.K.-based Powerfuel Mining Ltd., said it sold the business that owns the Hatfield Colliery to Entero BV, a company funded by ING Bank NV. Financial terms weren’t disclosed. KPMG transferred the Powerfuel Mining business and its 393 employees, plus 11 from the parent company Powerfuel Plc, into a newly formed company called Hatfield Colliery Ltd. in April.

KPMG said today in a statement it sold that company to Entero, supported by Amsterdam-based ING and Hargreaves Services Plc. "The transaction saves hundreds of jobs in an area that has a long tradition of mining employment and puts the business on a solid footing," Brian Green, joint administrator and KPMG restructuring partner, said in the e-mailed statement. Progress continues on the sale of Powerfuel Power Ltd., the carbon capture and storage project also owned by Powerfuel, KPMG said. 2Co Energy Ltd., a U.K.-based company that specializes in CCS technology, is the preferred bidder and is continuing due diligence, according to the statement...