Pittston, Horizon do definitive asset deal

摘要

Pittston Co. said Nov. 19 that it and Horizon Natural Resources have worked out a definitive agreement for Horizon to buy Pittston's assets in West Virginia, though that deal now needs approvals from Horizon's bankruptcy court and lenders. The sale was first announced, then amended, before Horizon's recent move into Chapter 11 reorganization. In the deal, Horizon will buy outright certain unnamed assets, including Pittston's only operating mines in West Virginia, and will get options on other, unnamed properties in Kanawha and Fayette counties. Pittston added that it "remains confident of completing the process of exiting the coal business this year." Last summer, it sold most of its Kentucky assets to Massey Energy and has a tentative deal to sell its Virginia operations to Alpha Natural Resources LLC, a newly created affiliate of First Reserve Corp.