Ross group wins Horizon Natural Resources auction with $786 million bid

By Jeff Pines

Washington, Aug. 17 - A group led by Wilbur Ross won the court-mandated auction for Horizon Natural Resources Co. with a $786 million bid plus the assumption of liabilities, the company said Tuesday.

Ross' Newcoal LLC, Oldcoal LLC, in partnership with A.T. Massey Coal Co., bid $304 million in cash, $482 million in second-lien notes plus the liabilities for the Ashland, Ky.-based coal company.

Horizon mines coal in Illinois, Indiana, Kentucky and West Virginia.

The auction results must be approved by the U.S. Bankruptcy Court for the Eastern District of Kentucky.

A hearing is scheduled for Aug. 31.

Horizon filed for Chapter 11 on Nov. 13, 2002. Its Chapter 11 case number is 02-14261.

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