Westmoreland Files for Bankruptcy

During early October, Westmoreland Coal Co. entered into a restructuring support agreement (RSA) with members of an ad hoc group creditors. To implement the RSA, the company filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.

“After months of thoughtful and productive conversations with our creditors, we have developed a plan that allows Westmoreland to operate as usual while positioning Westmoreland for long-term success,” said Michael Hutchinson, Westmoreland’s interim CEO. “We will continue to work constructively with the ad hoc group and serve our customers in the normal course as we progress through an expedited process to restructure our long-term debt and other liabilities. Our goal is to emerge as a stronger Westmoreland, better positioned to grow and thrive.”

Westmoreland’s coal operations include surface coal mines in the United States and Canada, underground coal mines in Ohio and New Mexico, a char production facility, and a 50% interest in an activated carbon plant.

As featured in Womp 2018 Vol 11 - www.womp-int.com