Posted on 01/11/2016 12:46:20 PM PST by 11th Commandment
Arch Coal Inc., one of the U.S.'s largest coal producers, filed for chapter 11 bankruptcy protection Monday in a bid to trim $4.5 billion in debt from its balance sheet to counter decreased demand and falling prices for its products.
The St. Louis-based company said it had a restructuring agreement with lenders that hold more than 50% of its $1.9 billion in first-lien debt, one that offers some recovery to unsecured creditors.
In broad outline, Arch is proposing a debt-for-equity swap that would leave most of the company in the hands of the first-lien lenders, while unsecured creditors owed billions would be offered options, including a share of 4% of the equity in the reorganized coal company.
(Excerpt) Read more at wsj.com ...
Obama wanted this, but this is also driven by weaker global demand and increase in Natural Gas for electricity. I saw a figure from Union Pacific that electricity in US from coal has dropped from 38% to 33%, all filled by FRACKING natural gas.
The only time that Obama did not lie.
Sorry IBEW you did not get that memo.
More power to natgas when it wins in a free market. Arbitrary govt. policy disguised as environmentalism closed power plants and wrecked the demand for coal. Shame when the govt is against the country.
Too bad they can’t go after the Obama administration and Congress for destroying their business with false information and legislation.
Anyone who's been to China recently and has had trouble breathing....as *I* have...knows this is true.
But fear not...Obola will never be bothered by $1/kWh electricity or by blackouts.The Secret Service (and American taxpayers) will see to that.
The UMW can join their unemployed brothers in the UAW and United Steelworkers in continuing to vote for the people who killed their jobs.
And yet Joe Manchin continues to sit smugly in the Senate as another business heavily invested in the West Virginia coal industry goes down the tubes. Manchin isn’t running again in 2018 so this seat should swing Republican, if they nominate someone who can walk and talk at the same time.
Manchin needs to walk across the aisle. Hell, he can do it now by voting for impeachment of 0bama. If he did, the people of WVa would worship him.
George Soros is waiting in the background to buy these companies for pennys on the dollar.
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