Oxford Resource suspending 4Q cash distributions
Oxford Resource suspending 4th-quarter cash distributions; stock hits all-time low
COLUMBUS, Ohio (AP) -- Oxford Resource Partners LP is suspending cash distributions for the fourth quarter because of weak coal markets. The company, which is looking to preserve its liquidity, saw its stock plunge to an all-time low Tuesday.
Coal demand has been soft in the past year because of relatively cheap natural gas prices for heat and electricity generation.
Oxford Resource said it is still looking for ways to bolster its liquidity, including selling some excess Illinois Basin equipment.
The Columbus, Ohio, company is also trying to refinance its credit facility. Oxford Resource plans to update its efforts on that when it reports fourth-quarter financial results in March.
The stock dropped $1.78, or 30 percent, to $4.16 in afternoon trading. Earlier in the session, the shares fell to an all-time low of $3.71.
