-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, O2q5papyNpL8tsjV31yKqQhojYI+6BYdND+mbk9d8sZFuu3rJZei9XysAJ9FKOFE 5vlYubBzuZ4NdnhoFra+AQ== 0000106455-94-000010.txt : 19940822 0000106455-94-000010.hdr.sgml : 19940822 ACCESSION NUMBER: 0000106455-94-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940809 ITEM INFORMATION: Other events FILED AS OF DATE: 19940809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTMORELAND COAL CO CENTRAL INDEX KEY: 0000106455 STANDARD INDUSTRIAL CLASSIFICATION: 1220 IRS NUMBER: 231128670 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11155 FILM NUMBER: 94542394 BUSINESS ADDRESS: STREET 1: 700 THE BELLEVUE STREET 2: 200 S BROAD ST CITY: PHILADELPHIA STATE: PA ZIP: 19102 BUSINESS PHONE: 2155452500 MAIL ADDRESS: STREET 1: 700 THE BELLEVUE STREET 2: 200 S. BROAD STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 28, 1994 Westmoreland Coal Company (Exact name of registrant as specified in its charter) Delaware 0-752 23-1128670 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 700 The Bellevue, 200 South Broad Street Philadelphia, Pennsylvania 19102 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (215) 545-2500 Item 5. Other Events. On July 28, 1994, Westmoreland Coal Company announced that it has reached a definitive agreement in principle to sell the assets of its wholly-owned subsidiary, Kentucky Criterion Coal Company, to CONSOL of Kentucky Inc., a member of the CONSOL coal group, subject to an inventory adjustment at closing, and subject to third-party consents. A press release describing the transaction is attached as an exhibit and incorporated herein by reference. Item 7. Exhibits. Press release dated July 28, 1994. EXHIBIT INDEX Sequentially Exhibit Description of Exhibit Numbered Number Page 1 Press release dated July 28, 1994. 4 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. WESTMORELAND COAL COMPANY Date: August 4, 1994 By: Francis J. Boyle Senior Vice President, Chief Financial Officer and Treasurer EX-99 2 WESTMORELAND REACHES DEFINITIVE AGREEMENT TO SELL THE ASSETS OF KENTUCKY CRITERION COAL COMPANY Philadelphia, PA (July 28, 1994) Westmoreland Coal Company (NYSE: WCX) today announced that it has reached a definitive agreement to sell the assets of its wholly-owned subsidiary, Kentucky Criterion Coal Company, to CONSOL of Kentucky Inc., a member of the CONSOL coal group, for $85 million subject to an inventory adjustment at closing. The sale is subject to third-party consents. A fourth-quarter closing is anticipated, and Westmoreland believes that its creditors will extend repayment of the Company's outstanding obligations of approximately $46 million until the closing. The Kentucky Criterion property, which produced 1.7 million tons of coal in 1993, is located in parts of Letcher, Knott and Pike counties with headquarters in Deane, Kentucky. It was acquired in 1987 from Bethlehem Steel Corporation and certain of its subsidiaries and is served by the CSX railroad system. Christopher K. Seglem, Westmoreland's President and Chief Executive Officer said "We are very pleased with the value Westmoreland will receive from this sale. These proceeds will assure that Westmoreland Coal Company can discharge its debt obligations and will significantly enhance the Company's ability to implement a repositioning and growth strategy to achieve meaningful and sustainable long-term profitability." Westmoreland continues to mine coal in Virginia, West Virginia, and Montana where Westmoreland Resources Inc. recently announced a new long-term supply agreement with Otter Tail Power for 1.7 million tons of coal per year. Westmoreland Coal's other contract customers include Duke Power, Southern Companies, Virginia Power, American Electric Power, Northern State Power, and Western Fuels. -----END PRIVACY-ENHANCED MESSAGE-----