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TECO ENERGY : Termination of a Material Definitive Agreement, Other Events (form 8-K)

08/17/2015 | 08:06am US/Eastern

Item 1.02: Termination of a Material Definitive Agreement

On August 14, 2015, TECO Energy's subsidiary, TECO Diversified, Inc. delivered a notice to Cambrian Coal Corporation terminating the Securities Purchase Agreement regarding the sale of TECO Coal dated as of October 17, 2014, as amended, effective as of 5 pm EST on Friday August 21, 2015. As previously reported, the agreement was terminable by either party. The company remains committed to exiting the coal business, and is continuing to have discussions with interested parties, including Cambrian Coal Corporation, in order to complete the exit of this business.

The TECO Coal segment was accounted for as discontinued operations beginning in the third quarter of 2014 and, as previously reported, was written down to a carrying value of zero as of June 30, 2015.

Item 8.01: Other Events

The information provided in Item 1.02 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.

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