Pittston reaches agreement to sell assets to Horizon, Massey

摘要

Pittston Co. said July 24 that it has reached a tentative deal to sell substantially all of its remaining West Virginia assets to Horizon Natural Re-sources and a final deal to sell almost all Kentucky assets to Massey Energy. The purchase is a big step forward for Horizon, which only emerged from Chapter 11 bankruptcy protection in May. The Horizon sale, at least the portion involving coal reserves in Kanawha County, W.Va., was expected (CO 5/20), Horizon's Lady Dunn prep plant, which ships barge coal on the Kanawha River, is fed by the Stockton deep mine, which is nearly out of coal. Pittston controls undeveloped reserves nearby that have been permitted under its Vandalia Resources unit.