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Selected Reclamation Projects for the Horizon Bankruptcy Solution

ErMC2 worked with Lexington Coal Company (LCC) and the State Regulatory Authorities to develop the LCC budget and reclamation plan. While preparing this plan, ErMC2 utilized a provision in the funding agreement where the Surety could elect to use funds from its reclamation collateral account to undertake projects that it decided to perform directly. From the initial group of 200 permits, ten sites were selected for reclamation work. (more)

Solution to Horizon Bankruptcy

Horizon Natural Resources (HNR) had been in a state of turmoil for several years before its final bankruptcy filing – the second in less than a year – in November of 2002. Horizon, which had emerged from its first bankruptcy filing the previous May, was once the fourth largest coal mining company in the United States but had declined continuously since the fall 2001 insolvency of its bonding company, Frontier Insurance, left it without reclamation bonds. (more)