ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, November 23, 1994                   TAG: 9411230117
SECTION: BUSINESS                    PAGE: B8   EDITION: STATE 
SOURCE: 
DATELINE:                                 LENGTH: Short

WESTMORELAND CUTS DEAL WITH CSX

CSX Corp. has agreed to release Westmoreland Coal Co. from an $8.9 million loan guarantee in return for transfer of Westmoreland's assets in an Ohio River barge company to CSX and a $2.5 million payment.

The deal is contingent upon a bankruptcy court's approval because of Westmoreland's Chapter 11 proceeding. It also is contingent on the sale of Westmoreland's Kentucky Criterion Coal Co. to CONSOL of Kentucky Inc.

Westmoreland, which has coal mining operations in Wise County, said its Cleancoal Terminal Co. on the Ohio River near Ghent, Ky., has not been profitable for many years.

"This is another step in the implementation of our strategy to divest non-core or underperforming assets," said Christopher Seglem, president and chief executive officer of Westmoreland, based in Philadelphia, Pa.

-Staff report 

Memo: shorter version ran in the Metro edition.
by CNB