International Coal Group, Inc. (ICG) (NYSE: ICO) is a mining company in the United States that produces coal from 12 mining complexes in Northern and Central Appalachia (Kentucky, Maryland, and West Virginia) and from one complex in the Illinois Basin. The company is now headquartered in Teays Valley, West Virginia.
ICG was formed in May 2004 by investor Wilbur Ross, who led a group that bought many of Horizon Natural Resources' assets in a bankr...
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International Coal Group, Inc. (ICG) (NYSE: ICO) is a mining company in the United States that produces coal from 12 mining complexes in Northern and Central Appalachia (Kentucky, Maryland, and West Virginia) and from one complex in the Illinois Basin. The company is now headquartered in Teays Valley, West Virginia.
ICG was formed in May 2004 by investor Wilbur Ross, who led a group that bought many of Horizon Natural Resources' assets in a bankruptcy auction. Ross, originally operating as Newcoal LLC with four other investors, expressed interest in buying Horizon's nonunion properties, but not its six union operations. Horizon was then allowed to sever its union contracts, including pension benefits, by bankruptcy court, according to the Associated Press in the story "Coal Miners Lose Health Benefits" on August 9, 2004.
In March 2005, ICG agreed to acquire Anker Coal Group, Inc. {In its third quarter report dated October 26, 2005, ICG reported, "All conditions to closing the...
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