Amid the collapse in coal prices, not helped by the ‘China situation’ and President Obama’s nudge, WSJ reports that the ailing US coal just got another black eye as Alpha Natural Resources is expected to file for chapter 11 bankruptcy protection early Monday to cut its more than $3 billion debt load. After four straight annual losses, Alpha – one of America’s largest coal producers – has secured $692mm in DIP financing as it prepares its restructuring plan expected to sell some of the best mines and shutter others. It appears the Arch Coal’s CEO’s ominous words last week were prophetic – “Coal markets are as difficult as I’ve seen them during my 30 years in the industry.”
From bad to worse…
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