Arch Coal said Wednesday that it had completed its financial restructuring and emerged from Chapter 11 bankruptcy.
The Creve Coeur-based company, which like other mining companies was battered by the weakening demand for coal, filed for bankruptcy protection nearly eight months ago to reduce its debt.
Arch Coal says it now has more than $300 million of cash on its balance sheet and a debt level of just $363 million. Its total debt is 93 percent less than what it was prior to restructuring.
The company’s stock, which resumed trading Wednesday on the New York Stock Exchange, closed at $63 a share, giving the company a market capitalization of $988 million. The shares now trade under the ticker symbol “ARCH.”