updated 5/10/2010 5:23:02 PM ET 2010-05-10T21:23:02

The Greenbrier's owner is getting a big infusion of cash from selling part of his holdings in Russian mining giant Mechel OAO.

A regulatory filing says James Justice II, a family company and two relatives are selling 30.5 million Mechel securities for $228.75 million. The underwriters have an option for another 4.5 million securities, worth another $33.75 million.

Justice bought The Greenbrier a year ago after the famed resort that has hosted kings and U.S. presidents filed for bankruptcy. At the time, he was selling a big piece of his coal mining business to Mechel for $436 million cash, 83.3 million preferred shares of stock, and the assumption of $132 million in debt.

Mechel filed the regulatory document Friday with the Securities and Exchange Commission.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.43%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com