Beech Coal Company Issues WARN Notices.Business Editors ASHLAND, Ky.--(BUSINESS WIRE)--Jan. 29, 2003 Beech beech, common name for the Fagaceae, a family of trees and shrubs mainly of temperate and subtropical regions in the Northern Hemisphere. The principal genera—Castanea (chestnut and chinquapin), Fagus (beech), and Quercus Coal Company, a subsidiary of Horizon Natural Resources Company (Nasdaq: HZONQ.pk), today announced that Sycamore sycamore: see plane tree. sycamore Any of several distinct trees called by the same name though in different genera and families. In the U.S. the term refers to the American plane tree or buttonwood (Platanus occidentalis), a hardy street tree. Mine and its preparation plant located in Knox County, Indiana Knox County is a county located in Indiana in the United States. As of 2000, the population was 39,256. The county seat is Vincennes6. Knox County switched to the Central Time Zone on April 2, 2006. , will be placed on idle status. The Company reached this decision based on the loss of contracted shipments and the inability to obtain additional sales in the current weak coal market. Approximately 60 employees work at the Sycamore Mine. A small crew will be kept at the mine site to maintain the active pits and perform reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. activities. Layoffs will begin March 30, 2003. Beech today gave notice in accordance with the Worker Adjustment and Retraining Notification Act The Worker Adjustment and Retraining Notification Act (WARN Act) is a United States law protecting employees, their families, and communities by requiring most employers with 100 or more employees to provide sixty- (60) calendar-day advance notification of plant closings and mass of 1988. "The idling of a mine is a difficult decision because it affects our employees and the communities involved," said Horizon's chairman and acting chief executive officer Robert C. Scharp, "but it is necessary to achieve the goals we outlined in November when we announced our filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
Scharp continued, "The affected employees will receive benefits as outlined by our contracts, including medical coverage, educational assistance and retraining re·train tr. & intr.v. re·trained, re·train·ing, re·trains To train or undergo training again. re·train for additional employment. We plan to work with the State of Indiana regarding outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. assistance for employees." Sycamore Mine has produced approximately 0.7 million tons of coal annually since its opening in 1991. For additional information, please see www.horizonnr.com. About Horizon Natural Resources: Horizon Natural Resources Company (formerly known as AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute Resources Holding, Inc.) conducts mining operations in five states with a total of 38 mines, including 25 surface mines and 13 underground mines: -- Central Appalachian operations include all of the company's mining operations in southern West Virginia and Kentucky, currently totaling 32 surface and underground mines, which produced approximately 18.1 million tons of coal (64 percent of total production) during the first nine months of 2002. -- Western operations include mining in Colorado, Illinois and Indiana, currently totaling six surface and underground mines, which produced approximately 10.1 million tons (36 percent of total production) during the first nine months of 2002. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : In this release and other public disclosures, Horizon Natural Resources makes forward-looking statements from time-to-time regarding, among other things, the company's future operations, plans, expectations, intentions, estimates, and results. These forward-looking statements are subject to risks and uncertainties, many of which are outside the company's control. These risks and uncertainties include, but are not limited to, the volatility of the energy market, weather-related factors affecting the production, transportation or consumption of coal, competition, operating hazards, uninsured risks, changes in federal or state laws related to energy, mining and the environment, labor issues, and uncertainties affecting performance by suppliers and other vendors. We undertake no obligation to update any forward-looking statements to reflect events after the date of this release or to reflect the occurrence of unanticipated events. |
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