International Coal Group gets relief from banks

Posted In: Energy

By The Associated Press

Tuesday, September 29, 2009

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Mine operator International Coal Group says its lenders have agreed to make more changes to its $100 million credit line.

Scott Depot-based ICG says the changes announced Tuesday will help it avoid violating tighter loan terms that take effect Jan. 1. ICG says it asked for the changes because of declining coal prices and demand.

ICG negotiated changes to the credit line in February as well. Weak fourth-quarter financial results and deferred shipments put it at risk of violating loan terms at the time.

The company says it currently has $26.4 million in borrowing capacity available on its bank line. Another $73.6 million is tied up with letters of credit.

ICG has mines and coal reserves in West Virginia, Kentucky, Illinois, Maryland and Virginia.

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