The corrected release reads:
WL ROSS GROUP WINS $786 MILLION HORIZON NATURAL RESOURCES AUCTION
Scott Tepper, Chief Executive Officer of Horizon Natural Resources Company, announced today that Wilbur Ross's Newcoal LLC and Oldcoal LLC, in partnership with A.T. Massey Coal Company, was the successful bidder at Horizon's bankruptcy auction with a cash bid of up to $304 million plus credit bidding of $482 million of second lien notes, or a total of $786 million and the assumption of liabilities. The transaction is subject to approval by the US bankruptcy court in Lexington, KY, at a hearing scheduled for August 31.
Mr. Tepper said: "The auction today was a tremendous success for Horizon and all of its constituents. By selling all of Horizon's operations in one package, we were able to maximize value for all of our creditors while preserving jobs for the vast majority of our employees."
Mr. Ross added: "We are pleased to turn our attention to the coal business instead of the bankruptcy process and we look forward to providing secure jobs for the hourly and salaried employees whose livelihood has been at risk for the past 20 months."
Horizon Natural Resources Company conducts mining operations in four states at 20 locations in Kentucky, West Virginia, Illinois and Indiana.