Murray Energy Corp. completed a merger that will result in its Kentucky subsidiary holding a 100% interest in assets formerly operated by Armstrong Energy Inc.
The company finished an acquisition of a 51% stake in the Illinois Basin coal mines and related property Feb. 20. In exchange for certain second-lien notes of Murray Energy, senior secured noteholders that held 49% of Western Kentucky Coal Resources LLC have given full ownership to Murray Energy's Murray Kentucky Energy Inc.
Murray Energy acquired the original 51% stake as part of a deal through Armstrong's bankruptcy reorganization.
Western Kentucky has more than 400 employees at five mines in the Illinois Basin.