Murray Energy Corporation’s Murray Kentucky Energy, Inc. Acquires Full Ownership Interest in Western Kentucky Coal Resources, LLC
ST. CLAIRSVILLE, Ohio, Feb. 23, 2018 /PRNewswire/ — Murray Energy Corporation (“Murray Energy”) announced today that it has completed a merger resulting in Murray Kentucky Energy, Inc., (“Murray Kentucky“) acquiring a one hundred percent (100%) ownership interest in Western Kentucky Coal Resources, LLC (“Western Kentucky“). Murray Kentucky previously held a fifty-one percent (51%) common equity ownership interest in Western Kentucky.
In consideration for the transaction, the former secured noteholders of Armstrong Energy, Inc. (“Armstrong Energy”), who previously held 49% of the common equity of Western Kentucky, received certain second lien notes of Murray Energy (“Notes”). These Notes were issued in connection with the Merger Agreement, are securities of the same class, and were issued in a qualified reopening under the same CUSIP as the notes issued to the former secured noteholders of Armstrong Energy.
“Murray Energy and Murray Kentucky are pleased that we were able to reach an agreement with the former secured noteholders of Armstrong Energy, Inc. to acquire the remaining interest in Western Kentucky,” said Mr. Robert E. Murray, Chairman, President and Chief Executive Officer of Murray Energy. “We look forward to working with Western Kentucky’s customers and employees in order to ensure the maximum success of these operations,” said. Mr. Murray.
Western Kentucky has over 400 employees and owns five (5) mines in the Illinois Basin, including three (3) surface mines and two (2) operating underground mines. The underground mines are now known as: 1.) The Western Kentucky Coal Company, LLC’s Genesis Mine (formerly Kronos Mine); and 2.) The Muhlenberg County Coal Company, LLC’s Pride Mine (formerly the Survant Mine). Western Kentucky also owns three (3) existing coal processing plants, certain river dock coal handling and rail loadout facilities. Western Kentucky has 337 million tons of coal reserves.
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SOURCE Murray Energy Corporation