Corsa Coal acquires PBS Coals

Corsa Coal Corp. (“Corsa”) completed its acquisition of PBS Coals from OAO Severstal for US$60 million in cash and the assumption of US$60 million of liabilities, as well as its related US$65 million equity private placement financing and US$25 million credit facility. As part of the financing of the transaction, Sprott Resource Corp. (“SRC”) invested US$33.4 million to purchase Corsa shares.

Corsa was represented by Jay Kellerman, J.R. Laffin, Warren Ng, Brandon Hoffman, Eric Lung (M&A and securities); Dean Kraus, John O'Connor, Lindsay Gwyer (tax); and Justin Parappally, Sumbul Ali, Andrew Grant and Deanna Toner (banking) of Stikeman Elliott LLP; by Fike, Cascio & Boose LLP; by Jackson Kelly PLLC; by Vinson & Elkins LLP; and by PennStuart LLP.

OAO Severstal and PBS Coals were represented by Skadden, Arps, Slate, Meagher & Flom LLP. The Skadden team included Gary Cullen (M&A); John Nelson, Erin Kirchner and Jessica Schmiege (corporate) and Sarah Ralph (tax) in Chicago; Thomas Wood (tax) in Washington D.C.; John Furfaro, Richard Kidd and Anne Villanueva (labor and employment law) in New York; Timothy Nelson (executive compensation and benefits) in Boston and Elizabeth Malone (environmental) in Washington D.C..


Justin Parappally John P. O'Connor Andrew Grant Dean Kraus Sumbul Ali John Richard Laffin Jay C. Kellerman Wendy Ng


Stikeman Elliott LLP Jackson Kelly PLLC Vinson & Elkins LLP Skadden, Arps, Slate, Meagher & Flom LLP