Murray Energy Corp. announced its subsidiary, Murray Kentucky Energy Inc., has entered into an agreement with Armstrong Energy to purchase a 51% ownership interest in a new company that will own certain assets formerly held by Armstrong Energy. The secured noteholders of Armstrong Energy will hold a 49% ownership interest in the new company.
“We are pleased that we were able to reach an agreement with Armstrong Energy and its secured noteholders in order to ensure that these mines continue to operate after the bankruptcy process,” said Robert E. Murray, chairman, president and CEO of Murray Energy. “After this transaction is completed, Murray Kentucky and the lenders of Armstrong Energy will jointly own five mines that are strategically important in the Illinois Basin. These operations will complement our existing mines in the Illinois Basin.”
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