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Grace Energy.

Grace Energy and M.A. Hanna have reached an agreement in principle for Grace Energy to purchase Hanna's 50% interest in Colowyo Coal, a partnership formed in 1975. The transaction is expected to close in the fourth quarter, at which time Grace Energy will pay Hanna approximately $34 million in cash with a promise to pay Hanna 50% of any amounts received by Colowyo under its $23 million prepetition claim against Colorado-Ute Electric, a major Colowyo customer which filed for Chapter 11 bankruptcy in March 1990.
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Title Annotation:buys M.A. Hanna Co.'s interest in Colowyo Coal Co.
Publication:Rubber World
Article Type:Brief Article
Date:Oct 1, 1991
Words:86
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