
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, May 18, 1990                   TAG: 9005180258
SECTION: BUSINESS                    PAGE: B4   EDITION: METRO 
SOURCE: Associated Press
DATELINE: KINGWOOD, W.VA.                                LENGTH: Short

MINE COMPANY FILES FOR RELIEF

Preston Energy Inc. has filed for protection from its creditors under Chapter 11 of the federal bankruptcy code.

John Hardesty Jr., Preston Energy president, said Wednesday that as many as 40 miners and administrative employees will be laid off from Preston and three of its subsidiaries until the company opens its Black Bart Mine between Newburg and Tunnelton in May 1991.

Hardesty said Preston Energy and subsidiaries Statue Mining Co., Inc., Little Falls Mining Co. Inc., and Mohigan Mining Co. Inc., filed for protection last Friday because of operating losses and low prevailing coal prices.

The layoffs are the first in the company's 25-year history, he said.

by CNB