Arch Coal Files for Chapter 11

Arch Coal, one of the U.S.'s largest coal producers, said Monday it had filed for Chapter 11 bankruptcy protection as part of a reorganization plan aimed at trimming $4.5 billion in debt from its balance sheet.

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The St. Louis-based company said it had reached an agreement with a majority of lenders under its $1.9 billion first-lien facility to restructure its debt load. Arch Coal said it had entered into a restructuring support agreement with members of an ad hoc group of lenders that hold more than 50% of its first-lien debt. Arch Coal and the lenders' group have agreed to the principal terms of a Chapter 11 reorganization plan, the company said. More...