History
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 acquisitions have been satisfied other than effectiveness of the related registration statement."
On June 15, 2011 Arch Coal, Inc.(NYSE: ACI) announced that they had completed their acquisition of International Coal Group, Inc. (NYSE: ICO) through a merger, with International Coal Group becoming a wholly owned subsidiary of Arch Coal.
Read more about this topic: International Coal Group
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