Platts reported the steam coal producer is currently required to submit it reorganization plan by December 2. It has however asked the court for an extension on the current deadline to accept or reject its coal leases.
In a November 18 motion, Horizon asked for an extension of the lease deadline until March 1, 2004. The motion will be heard on December 2, with objection to be filed by the end of November, Platts said.
The latest move for a Horizon subsidiary takeover was by Peabody Energy, who put in an offer of US$42 million for the Elkhart continuous miner operation operated by Turris Coal last week.
Peabody's bid was the largest offered so far for any Horizon asset, with the next largest in the pending US$25 million bid by Appalachian Fuels for the Bowie No. 2 longwall mine, Platts said.
