Business
American Resources Corporation Completes Restructuring of Perry County Resources
Company Cuts an Estimate of Over $35 million in Losses to Focus on Efficiencies, Profitability and Sustainable Job CreationFISHERS, IN / ACCESSWIRE / February
About this update from American Resources Corporation
[{"type":"text","content":"Company Cuts an Estimate of Over $35 million in Losses to Focus on Efficiencies, Profitability and Sustainable Job CreationFISHERS, IN / ACCESSWIRE / February 21, 2020 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a supplier of raw materials to the rapidly growing global infrastructure marketplace with a primary focus on the extraction, processing, transportation and distribution of metallurgical carbon to the steel and specialty metals industries, announced today that it has substantially completed the post-acquisition restructuring of Perry County Resources (\"PCR\").American Resources has been a consolidator and operator of quality metallurgical carbon assets in the Central Appalachian basin (CAPP) to serve customers in the steelmaking, specialty alloy metals, and industrial marketplaces. Its next-generation model and philosophy is to restructure existing, legacy operations to better fit the modern-day marketplace by eliminating legacy costs and liabilities to significantly reduce the overall operating costs and to allow its operations to thrive throughout all cycles of the carbon market. Perry County Resources is the Company's fifth carbon processing and logistics complex located in eastern Kentucky, near the town of Hazard.\"We are extremely excited to have the restructuring of Perry County Resources complete and now have the complex in a much better position to serve its customers, workforce, community and all of our shareholders,\" stated Mark Jensen, Chairman and CEO of American Resources Corporation. \"We also applaud our team's hard work, tenacity and ability to stay focused, despite numerous distractions that have been presented by parties that fought such change and to keep this project on its desired timeline.\"American Resources acquired PCR in October, 2019 as part of the Chapter 11 bankruptcy proceedings of Cambrian Holding Company, Inc. which were governed by the United States Bankruptcy Court for the Eastern District of Kentucky under Section 363 of the U.S. Bankruptcy Code. As part of its restructuring efforts to significantly cut costs and reset the operations to focus on efficiency and profitability, the Company has made the decision to complete the following initiatives:Eliminated an estimated $35 million of annual expenses from the PCR complex by either restruc...