Horizon court denies Black King request, rejects CG&E deal

摘要

On April 23, U.S. Bankruptcy Judge William Howard rejected a bid by landholder Black King Mine Development to force Horizon Natural Resources into a quick decision to accept or reject a coal lease. Black King leases reserves in West Virginia to Horizon's Princess Beverly Coal unit. Black King noted that the lease will expire at the end of this year under its own terms, and that mining is scheduled to end on its reserves this fall. But it said it wasn't getting paid for this coal by Horizon in the meantime and wanted to preserve as much of this coal as possible for any future lessee.