SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16,
1994
Westmoreland Coal Company
(Exact name of registrant as specified in its charter)
Delaware 0-752 23-1128670
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
700 The Bellevue, 200 South Broad Street
Philadelphia, Pennsylvania 19102
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 545-2500
Item 2. Acquisition or Disposition of Assets.
On December 22, 1994, Westmoreland Coal Company announced that
it had completed the sale of the assets of its wholly-owned
subsidiary, Kentucky Criterion Coal Company ("Kentucky
Criterion"), to CONSOL of Kentucky Inc.("CONSOL"), a member of the
CONSOL coal group, for $81 million after adjustments. See the
news release filed as an exhibit to this form for additional
information.
Item 3. Bankruptcy or Receivership
(b) On December 16, 1994 the United States Bankruptcy Court
for the District of Delaware entered an order confirming the
Company's plan of reorganization. The Plan approved the
resolution of the dispute with TECO Coal Corporation ("TECO"),
whereby TECO consented to the assignment of two coal supply
subcontracts by Kentucky Criterion to CONSOL, as part of
Westmoreland's sale of the assets of Kentucky Criterion to CONSOL.
Proceeds from the sale were used to pay in full Westmoreland's
outstanding indebtedness to its principal creditors of
approximately $39 million. Westmoreland emerged from bankruptcy
after the sale to CONSOL and debt repayment to the principal
creditors were completed on December 22, 1994.
Westmoreland has 6,956,179 shares of its common stock and
575,000 shares of its preferred stock issued and outstanding. No
shares of either class will be issued in respect of claims and
interests filed and allowed under the Plan.
Item 7. Exhibits.
Press release dated December 16, 1994
Press release dated December 22, 1994
Condensed Consolidated Balance Sheet as of September 30, 1994
and Pro Forma Consolidated Balance Sheet as of September
30,1994
Pro Forma Consolidated Statement of Income for the 12-month
period ended December 31, 1993
Pro Forma Consolidated Statement of Income for the 9-month
period ended September 30, 1994
Plan of Reorganization as confirmed on December 16, 1994
EXHIBIT INDEX
Sequentially
Exhibit Description of Exhibit Numbered
Number Page
1 Press release dated December 16, 1994 5
2 Press release dated December 22, 1994 6
3 Condensed Consolidated Balance Sheet as
of September 30, 1994 and Pro Forma
Consolidated Balance Sheet as of
September 30, 1994 7
4 Pro Forma Consolidated Statement of Income
for the 12-month period ended December 31, 1993 9
5 Pro Forma Consolidated Statement of Income
for the 9-month period ended September 30, 1994 10
6 Plan of Reorganization Confirmed
December 16, 1994 11
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
WESTMORELAND COAL COMPANY
Date: December 30, 1994 By:
Theodore E. Worcester
Senior Vice President