Recent News FirstCity Crestone Shares the Turnaround Management Association's Transaction of the Year Award FirstCity Crestone Recapitalizes Cabinet Manufacturer FirstCity Crestone Acquires Short-Line Railroad |
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| News Release
FirstCity Crestone Invests $13,500,000 in Coal Transaction April 30, 2008 -- FirstCity Crestone ("Crestone") recently completed a $13,500,000 debt and equity investment to support the acquisition and restart of an idled coal mine. The property consists of two underground mines and a surface mine. Simultaneous with the acquisition, the venture entered into an intermediate term sales contract for a portion of its production with a total sales value of nearly $120,000,000. Crestone is currently soliciting proposals from equipment lenders to refinance a portion of its investment. The equipment loan would be secured by the mine’s assets which include yellow iron, a highwall miner, and underground mining equipment. This transaction marks Crestone’s fifth investment since its formation one year ago. Crestone’s portfolio includes investments in diverse industries (transportation, mining, retail, manufacturing and real estate) and investment types ranging from second lien loans to control buyouts. Crestone is well capitalized and is actively seeking new special situation investments and distressed loan acquisitions from $1 to $20 million dollars. Please give us a call to discuss a transaction or to find out more about our recent investment. (720) 470-4401.
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