Britain's largest coal miner has gone into administration, with the loss of 350 mining jobs.
The move comes after an underground fire closed its most profitable mine at Daw Mill colliery in Warwickshire, last March.
Management confirmed the decision and said it was a result of the problems that the fire created for UK Coal, both UK Coal Mine Holdings Ltd (UKCMHL) and UK Coal Operations Ltd (UKCOL) sought administrators.
UK Coal said in a statement: "Following the devastating fire that closed the Daw Mill deep mine in March 2013, it is announced today that a way forward has been found for the remaining mines and 2,000 employees."
Chief executive officer Kevin McCullough said: "Today is very much a day of mixed emotions, but this is the best outcome that it was possible to achieve.
"Entering administration and the subsequent restructuring was the only way we could preserve any of the business and while I'm delighted we've saved 2,000 jobs, we've also had to make some very difficult decisions.
"I'm pleased that we managed to transfer 120 of our Daw Mill colleagues to our other mines following the fire. Our thoughts today also rest with the 350 colleagues who will now, regrettably, be made redundant as a result of Daw Mill closing."
Production of coal from Daw Mill represented around a third of UK Coal's revenue and the forced closure of the mine had threatened the ongoing viability of UK Coal Operations' remaining two deep mines and six surface mines.
David Kelly, Rob Hebenton and Ian Green from PwC have been appointed administrators of the companies by Birmingham High Court following an application by the directors.
The Coal Authority quango will take responsibility for Daw Mill while the Pension Protection Fund will be responsible for the remaining pits and the UK Coal pension scheme.
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