Arch Coal Files For Chapter 11 Bankruptcy Amid Declining Demand

Arch Coal, one of the biggest coal companies in the U.S., filed for Chapter 11 bankruptcy and reached a $4.5 billion debt deal with lenders. U.S. coal miners are struggling as electric companies shift to using natural gas, which is cheap and relatively clean.

Arch Coal seeks to trim $4.5 billion in debt

Arch Coal reveiled Monday that it has reached a restructuring agreement with lenders that hold over 50% of its $1.9 billion in first-lien debt. The coal company anticipates that the deal will significantly restructure its debt load. As part of Monday’s deal, lenders have agreed to support a restructuring transaction which will trim...