Arch Coal said it will extend by 30 days the time it has to make $90 million worth of debt interest payments that were due Tuesday. The news comes as the company works with creditors to restructure its balance sheet.
The Creve Coeur-based coal miner, which last month warned it might file for bankruptcy in the “near term,” said it could delay the debt repayment without risk of default.
Company officials said Arch Coal, the nation’s second-largest coal miner, has sufficient liquidity to continue operating. The company had $694.5 million in cash and short term investments on its books of September.