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
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.
