The Associated Press
ASHLAND, Ky. - International Coal Group has completed its acquisition of substantially all the assets of bankrupt Horizon Natural Resources.
International Coal, a consortium of investors led by New York billionaire Wilbur Ross Jr., made the announcement in a statement this week.
Ross' group purchased the Horizon properties in partnership with A.T. Massey Coal, a subsidiary of Massey Energy. Massey, which is taking over some Horizon operations in West Virginia and Kentucky, announced the completion of that part of the sale last week.
The Ashland-based company conducted mining operations at 20 locations in Kentucky, West Virginia, Illinois and Indiana.
Horizon, posting huge financial losses and unable to pay its creditors, filed for bankruptcy in November 2002.
Massey and the Ross groups bid $786 million in cash and credit for the company.
The United Mine Workers of America protested the sale because it would strip more than 3,000 active and retired coal miners of health benefits and job security.
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