Actionable Opportunities in Special Situations: Spinoffs, Bankruptcy, Restructurings


Consol Energy $CNX preparing IPO carve-out of its coal resources business

Consol Energy (CNX) has created a subsidiary to operate its Pennsylvania coal mines and will offer stock in the spin-off in a few months.

The Cecil-based company has not announced a price range for stock in CNX Coal Resources or said how many units will be sold during the expected initial price offering. A registration form filed Wednesday with the U.S. Securities and Exchange Commission estimated its maximum offering at $250 million.

Consol, a 150-year-old coal company that has shifted its focus to natural gas production over the past decade, said last year it would pursue a so-called master limited partnership to operate three large mines in Greene and Washington counties. Source

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