Arch Emerges From Chapter 11
The producer has claimed $300 million of cash on its balance sheet as it begins again, along with debt of $363 million, consisting of a new term loan and capital leases. Officials noted that its total debt is only 7% of what it was pre-restructure. Arch, which continued to operate throughout the bankruptcy process, began trading on the New York Stock Exchange once again October 5 under the ticker symbol ARCH.
“This marks the beginning of a new era for Arch Coal,” CEO John Eaves said. “We are extremely pleased with what we have accomplished during our highly expeditious restructuring process, and are eager to move forward with our compelling plan for value creation.”
Arch, emerging as the second largest thermal coal producer in the U.S., first filed for Chapter 11 in January.