Arch Coal Inc. on Wednesday filed a revised version of its reorganization under Chapter 11 bankruptcy but said its secured and unsecured creditors have yet to reach an agreement.
“The filing of this amended Plan moves Arch another significant step closer to a successful completion of our financial restructuring,” Arch’s chairman and CEO, John Eaves, said in a statement. “We are pleased to submit a plan that will strengthen our balance sheet and enable us to continue our operations and reclamation activities, as we further advance our efforts to position Arch for long-term success.”
The revised plan is supported by senior secured lenders that hold over two-thirds of its first lien term loan, officials said. The plan calls for offering unsecured creditors some cash in addition to a share of assets not already claimed by its senior lenders.
A bankruptcy court hearing on approval of Arch’s disclosure statement is set for June 22. If it’s approved, the company said it plans to seek confirmation of the revised plan.
Read more: St. Louis Business Journal