Power Group Online Article |  | |
29 March 2004 - American Electric Power Co. has agreed to sell coal mines in Kentucky and Ohio to private equity firm Wexford Capital LLC to reduce debt.
The sale may close next month, said Pat Hemlepp, a spokesman for Columbus, Ohio-based AEP, which owns Public Service Company of Oklahoma.
Terms of the deal were not disclosed. AEP chief executive Michael G. Morris is selling nonutility assets to cut debt after losses in energy trading crimped profits.
The mines being sold employ 560 people in Kentucky and 165 in Ohio, Hemlepp said. They were part of AEP's purchase of Quaker Coal Co. out of bankruptcy in October 2001. AEP paid Quaker creditors $101m and assumed $40m in debt.
AEP owns utilities in Ohio, Texas, and nine other states and supplies power to almost 5m homes and businesses.
|
Return to Previous Page
Power Engineering Webcasts | |
|
Sponsored White Papers Library | | |
|
|
|
|
Articles 
| View all PennWell sites | View all PennWell events
Add RSS Feed
