CHARLESTON, W.Va. (AP) — A coal company controlled by the family of West Virginia Governor Jim Justice has reached a nine-figure settlement with a Swiss bank.
Bluestone Resources Inc. has agreed to pay up to $320 million to the lenders, The Gazette Mail reported. Credit Suisse Asset Management announced the deal on Friday.
Bluestone CEO Jay Justice, son of Governor Justice, said proceeds from any sale of Bluestone entities would be split between the Justice family and the lenders.
“We have negotiated a settlement that allows us to take advantage of the favorable coal market conditions encountered and secure the position of mines, employees and the communities that depend on them for the foreseeable future,” Jay Justice said in a statement released by Swiss credit.
A total of $850 million remains unpaid after financial group Greensill Capital lent as much to the governor’s corporations in 2018. Greensill filed for bankruptcy last year.
The judge said last year that he personally guaranteed the $850 million in loans, which forced him to repay the remaining balance, the newspaper reported.