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): April 18, 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 April 18, 1994, Westmoreland Coal Company announced that it
has reached an agreement in principle to sell the assets of its
independent power and cogeneration subsidiary, Westmoreland Energy,
Inc., to several purchasers.
A press release describing the transaction is attached as an
exhibit and incorporated herein by reference.
Item 7. Exhibits.
Press release dated April 18, 1994.
EXHIBIT INDEX
Sequentially
Exhibit Description of Exhibit Numbered
Number Page
1 Press release dated April 18, 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: April 18, 1994 By:/s/ Francis J. Boyle
Francis J. Boyle
Senior Vice President,
Chief Financial Officer and Treasurer
Westmoreland Coal Company
Announces Agreement to Sell Assets
of Westmoreland Energy, Inc.
Philadelphia, PA -- April 18, 1994 -- Westmoreland Coal Company
(NYSE:WCX) today announced that it has reached an agreement in principle
to sell the assets of its independent power and cogeneration subsidiary,
Westmoreland Energy, Inc., to several purchasers. The purchasers, all
represented by LCRW Power Company, L.P., include affiliates of Allstate
Insurance Company, Energy Investors Fund II, L.P., LCRW and Ridgewood
Power Corp. The aggregate purchase price is subject to accounting
adjustments, but is expected to be in excess of $50 million, plus the
assumption of Westmoreland's remaining equity commitments for projects
under construction.
The sale is subject to negotiation of definitive documentation,
board and financing approvals, third party consents and regulatory
approvals. A third quarter closing is expected.
As stated last fall, Westmoreland believes it can realize full
value for Westmoreland Energy with a sale at this time. A majority of
the proceeds will be used to pay down $46 million of maturing credit
obligations. Westmoreland intends to concentrate on its core business,
the production and marketing of coal.
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