Arch Coal files for bankruptcy, reaches $4.5 billion debt deal

Arch Coal Inc., the second-largest coal miner in the United States, and its domestic subsidiaries filed for Chapter 11 bankruptcy to facilitate a restructuring with a group of lenders that hold more than 50 percent of its debt, the Creve Coeur company said.

Arch Coal said on Monday it reached an agreement with its lenders that will eliminate more than $4.5 billion in debt from the company’s balance sheet.

Related: Coal’s continued slump portends trouble for Missouri firms

The company said it has sufficient capital to run its operations smoothly throughout the restructuring process, and expects mining operations and customer shipments to continue uninterrupted.

Arch Coal is the fourth coal miner, after Walter Energy Inc., Alpha Natural Resources Inc. and Patriot Coal, to file for bankruptcy.

Read more: Bloomberg, St. Louis Post-Dispatch

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