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GREEN RIVER COAL FILES FOR CHAPTER 11 REORGANIZATION

 HENDERSON, Ky., July 9 /PRNewswire/ -- Green River Coal Co., Inc. announced today that is has filed a petition for Chapter 11 protection and reorganization in the United States District Court for the Western District of Kentucky.
 When the petition is approved, Green River will continue its coal supply operations and honor all valid existing agreements for services and supplies, as well as its contract with Big Rivers Electric Corporation, under the supervision of the court. This arrangement will continue until Green River's plan to reorganize its debt structure is approved by the company's creditors holding two-thirds of its obligations.
 The company has asked the court for certain first day orders to be issued on Friday, July 9, 1993, or as soon thereafter as possible, in order to allow Green River to continue in business, to the benefit of both the company and its creditors. The company has already notified several of its creditors and a primary supplier of its actions.
 "We are initiating this action because of continuing threats made by our largest customer, Big Rivers Electric, to terminate our existing coal supply contract," said Green River President Larry Finley. "We have every intention of fulfilling our contractual obligations without interruption to Big Rivers Electric and to perform all other valid existing contracts to the extent permitted by the Bankruptcy Code and the court." Added Finley, "Since this case is in litigation, the company will not make any further statements about the matter."
 -0- 7/9/93
 /CONTACT: Thomas L. VanKirk, 412-562-8875, or home, 412-429-0319, for Green River Coal/


CO: Green River Coal Co., Inc.; Big Rivers Electric Corporation ST: Kentucky IN: MNG SU: BCY

KC-SB -- PG008 -- 9871 07/09/93 11:27 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
Words:284
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