The CEO and board member of Blackjewel LLC -- owner of the closed Belle Ayr and Eagle Butte mines in Campbell County -- would step down as a condition of the company being able to borrow $5 million for security and fire protection at the mines.

Besides the resignation of Jeffrey Hoops Sr., the emergency funding would be contingent on Dave Beckman being named the current acting chief restructuring officer of Blackjewel LLC, and its four related debtors, and other conditions.

The Bankruptcy Court of the Southern District of West Virginia is scheduled to conduct the emergency hearing at 12:30 p.m. MST.

This story will be updated.