Westmoreland Resource Partners (WMLP) Closes Exchange Agreement w/ Westmoreland Coal (WLB); Declares Qtr. Distribution
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Westmoreland Resource Partners Announces Unit Exchange Transaction and Declares Quarterly Distribution
October 28, 2016 3:04 PM EDTENGLEWOOD, Colo., Oct. 28, 2016 (GLOBE NEWSWIRE) -- Westmoreland Resource Partners, LP (NYSE: WMLP), today announced the close of a unit exchange agreement with Westmoreland Coal Company and a quarterly distribution reduction. These actions are primarily designed to preserve Westmoreland Resource Partners ability to continue to make cash distributions to public unit holders.Â
Westmoreland Coal Company, the controlling unit holder of Westmoreland Resource Partners, has exchanged 4,512,500 common units for an equal amount of new Series B units that do not have rights to distributions.Â
The Board of Directors... More
