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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): August 31, 1994
Westmoreland Coal Company
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(Exact name of registrant as specified in its charter)
Delaware 0-752 23-1128670
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(State or other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
incorporation)
700 The Bellevue, 200 South Broad Street
Philadelphia, Pennsylvania 19102
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (215) 545-2500
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Item 5. OTHER EVENTS.
On August 25, 1994, Westmoreland Coal Company announced that it has
terminated its negotiations with a purchaser group represented by LCRW Power
Company, L.P. for the sale of the assets of its wholly-owned subsidiary,
Westmoreland Energy, Inc.
A press release describing the transaction is attached as an exhibit and
incorporated herein by reference.
Item 7. EXHIBITS.
Press release dated August 25, 1994
2
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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 31, 1994 By: Theodore E. Worcester
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Theodore E. Worcester
Senior Vice President
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EXHIBIT INDEX
Sequentially
Number ---------------------- Page
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1 Press release dated August 25, 1994. 5
4
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WESTMORELAND COAL COMPANY
TERMINATES PROPOSED SALE OF
WESTMORELAND ENERGY, INC. AND WILL
KEEP COMPANY
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Philadelphia, PA -- August 25, 1994 -- Westmoreland Coal Company (NYSE:WCX)
today announced that negotiations had terminated with a purchaser group
represented by LCRW Power Company, L.P. for the sale of the assets of
Westmoreland Energy, Inc. Westmoreland and LCRW had entered into an agreement
in principle on April 18, 1994 calling for negotiation of a definitive agreement
for the sale of the assets of Westmoreland Energy to the purchaser group for a
cash purchase price in excess of $50 Million, assumption of equity obligations,
and other consideration.
According to Christopher K. Seglem, President and Chief Executive Officer
of Westmoreland, "Because of the early stage of Westmoreland Energy's projects
and other developments it has not been possible to establish the value of
Westmoreland Energy and other terms and conditions of sale with the certainty we
deem necessary and prudent at this time for such a valuable and important asset.
Thus, we are no longer offering Westmoreland Energy for sale. We will reclassify
it as a continuing operation and expect it will make a significant and growing
contribution to our operating earnings."
On July 28, 1994, Westmoreland announced that a definitive agreement of
sale had been reached to sell its Kentucky Criterion Coal Company assets to
CONSOL of Kentucky, Inc. for a cash purchase price of $85 million. Proceeds
from that sale will be used to repay approximately $45 million of Westmoreland
credit obligations and to meet equity contribution obligations through 1995 of
approximately $28 million for current Westmoreland Energy projects.
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Contact: R. Page Henley
(804) 980-5216
