https://www.miningweekly.com

US Bankruptcy Court approves Arch Coal’s turnaround plan

US Bankruptcy Court approves Arch Coal’s turnaround plan

Photo by Bloomberg

14th September 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

VANCOUVER (miningweekly.com) – Bankrupt US coal producer Arch Coal has won approval from the Eastern District of Missouri's US Bankruptcy Court for its proposed amended plan of reorganisation, which would see the company eliminate more than $4.7-billion in debt from Arch's balance sheet.

This clears the path for Arch to emerge from bankruptcy early in October, the company advised on Tuesday.

St Louis, Missouri-based Arch filed for Chapter 11 bankruptcy protection in January, after failing to restructure with bondholders out of court. Arch’s highly leveraged capital structure, comprising more than $5-billion in outstanding indebtedness and about $360-million in annual debt service, could be sustained in the depressed coal market at the time.

"We will emerge as a strong, well-positioned natural resource company with a compelling plan for value creation,” stated CEO John Eaves.

Arch said that its senior lenders overwhelmingly supported the restructuring plan.

NYSE-listed Arch, which produces coal for the global steel and power generation industries through its network of mining complexes straddling every significant US coal basin, especially the lower-cost Powder River basin, in Wyoming, said that it remained confident that it had established a “solid foundation” for long-term success, built on its strong metallurgical and thermal franchises.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 26 June 2026
Magazine round up | 26 June 2026
26th June 2026

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.043 0.063s - 110pq - 2rq
Subscribe Now