Britain's biggest coal producer has reshuffled its business and has safeguarded 2,500 jobs nationally, 800 are in Coventry.
"The restructuring has helped to safeguard 2,500 highly skilled and well-paid jobs, a skilled supply chain, and created a funding plan for the £450 million pension deficit that UK Coal has been burdened with."
Coalfield Resources, formerly UK Coal, has split into two businesses. A mining arm called Mine Holdings and property division Harworth Estates.
The group previously warned that Daw Mill, in Coventry, could close by 2014. It also has a deep mine in Thoresby in Nottinghamshire.
"This has been a restructuring of unprecedented scale and complexity for this size of company. I'm delighted that we've succeeded in completing it. Without it, it was almost certain that the coal mines would have been unable to trade beyond the first quarter of 2013."