Arch Coal challenges lender objections to proposed debt swap

Arch Coal Inc. says it will “vigorously” combat a challenge from lenders who are seeking to block a debt exchange that would help the St. Louis-based coal company endure its industry’s continued struggles.

Arch Coal on July 2 announced a debt swap that aimed to “deleverage its balance sheet and improve its liquidity profile.” On Tuesday, a group of lenders saying it represents more than 50 percent of the holders of a $1.9 billion term loan sent the company a letter expressing opposition of the move and saying it would require approval from all the lenders.

The company responded that the move would only need the blessing of majority lenders

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