Search Results
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What Ambre Says About Its Financial Collapse
In case you missed the news, Ambre Energy—the Australian firm behind two of the three remaining coal export projects in the Pacific Northwest—is selling its North American coal business to the company’s largest creditor, a risk-hungry private equity firm called Resource Capital Funds. Ambre will realize just $18 million from the sale, even though it claimed as recently as last fall that its North American coal assets were worth between $200...Read more » -
Ambre Energy Bungles News of Its Own Demise
In case you missed the news, Ambre Energy—the struggling Australian energy startup that has been trying to launch a coal export business in the Pacific Northwest—has agreed to sell its entire North American coal business to its main creditor, a risk-loving private equity firm registered in the Cayman Islands. The documents describing the proposed sale, available on the Australian Securities and Investments Commission (ASIC) website, show that Ambre will part with its entire North American coal...Read more » -
Private Equity Firm to Take Controlling Stake in Ambre Energy’s Operations
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Ambre Energy’s Troubled History: Greatest Hits Edition!
In case you missed the news on Monday, the Oregon Department of State Lands denied a crucial permit for Ambre Energy’s plans to build a coal export terminal along the Columbia River capable of shipping 8.8 million tons per year. It’s hard to overstate the significance of this ruling. It’s the first major regulatory decision on any coal terminal permit in the Northwest states. It was an unambiguous victory for...Read more » -
What’s Hiding in Ambre’s Financials?
It’s hard to imagine a company with a greater need for financial transparency than Ambre Energy. In the midst of a global downturn in coal markets, the firm is trying to move forward with two controversial coal export projects in Oregon and Washington, for which it will have to raise about a billion dollars in start-up capital from increasingly skittish investors. The company is also hoping to win the public’s confidence and...Read more » -
More Bad News for Ambre Energy
The financial woes of would-be coal exporter Ambre Energy continue. Yesterday, in a blandly worded press release, the company made a bombshell announcement: Ambre had failed to secure financing to settle its lawsuit with its rival/partner Cloud Peak Energy, with which it co-owns the struggling Decker mine in southern Montana. That means that the two companies will now have limp along, managing the mine in tandem—even though their last attempt...Read more » -
Still More Bad News for Ambre
The bad news for Australian coal miner Ambre Energy has been flying fast and furious for the past few weeks. Back in late June came the revelation that the company’s Morrow Pacific coal export project faces high costs and dim financial prospects—which was inadvertently confirmed by the company’s North American CEO. Then, at the very end of last week came news that the company is running out of time to...Read more » -
Ambre’s Shaky Finances: Rebutting the Response
Gard Communications, the P.R. firm that speaks for Ambre Energy, released a response to our report on Ambre’s finances yesterday. The P.R. firm made six specific, substantive points about Ambre, designed to present its client as a stable and financially secure business. Had they read the report, they would have seen that 5 of the 6 claims were discussed in the report; the sixth was discussed at our press conference....Read more » -
Report: Ambre Energy Unlikely to Succeed with U.S. Coal Exporting Plans
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Ambre Energy’s Risky Bet on US Coal Exports