Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Arch Coal Bankruptcy Plan Confirmed

0
0

The U.S. Bankruptcy Court confirmed Arch Coal’s Fourth Amended Joint Plan of Reorganization. The Plan, which received overwhelming support from the Company’s creditors, incorporates and implements the terms of a global settlement agreement with certain senior secured lenders and the official committee of unsecured creditors.

The Plan eliminates more than $4.7 billion in debt from Arch Coal’s balance sheet, significantly enhancing the Company’s financial flexibility.

John W. Eaves, Arch Coal’s C.E.O. states, “We will emerge as a strong, well-positioned natural resource company with a compelling plan for value creation. We have accomplished a great deal through the restructuring process and are confident that we have established a solid foundation for long-term success, built on our strong metallurgical and thermal franchises and our core commitment to safety and environmental excellence.”

The Company anticipates emerging from bankruptcy in early October 2016. This coal producer and seller filed for Chapter 11 protection on January 11, 2016, listing $8.4 billion in pre-petition assets.

Read more Arch Coal bankruptcy news.

The post Arch Coal Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images