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Murray Energy finishes acquisition of majority interest in Armstrong coal assets

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Murray Energy finishes acquisition of majority interest in Armstrong coal assets

Murray Energy Corp. announced that its unrestricted subsidiary completed the acquisition of 51% of the assets formerly owned by Armstrong Energy Inc.

Murray Kentucky Energy Inc. will share ownership of West Kentucky Coal Resources LLC with secured noteholders of Armstrong, which hold 49% of the assets. The deal is part of Armstrong's bankruptcy reorganization plan.

According to the Feb. 20 announcement of the deal's completion, Western Kentucky has over 400 employees and owns five coal mines in the Illinois Basin. The assets also include three coal processing plants as well as river dock coal handling and rail loadout facilities.

Of the approximately 445 million tons of proven and probable coal reserves acquired in the transaction, Western Kentucky will control 337 million tons, while Murray Energy's KenAmerican Resources Inc. will control 108 million tons.