| UPDATE 1-Arch Coal ends debt swap offer amid looming bankruptcy | |
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(Corrects headline and first paragraph to show Arch terminated debt swap rather than bondholders rejected the debt swap) Oct 27 (Reuters) - Arch Coal Inc moved closer to bankruptcy on Tuesday after it gave up on a debt swap proposal that had been aimed at boosting the coal miner's liquidity. Heavily-indebted Arch Coal has been hit by weak demand and stricter regulation, factors that have already pushed Alpha Natural Resources and Patriot Coal into Chapter 11 bankruptcy protection. Arch Coal said on Tuesday it is currently working with creditors to restructure its balance sheet. Arch's debt restructuring plan includes swapping existing debt for longer-term securities with the aim of reducing total debt and annual interest expenses by around 20 percent. Last week, a request by a unit of GSO Capital Partners that holds some of Arch Coal's unsecured notes seeking to prevent a group of senior lenders from blocking the debt swap was turned down by a New York State Supreme Court judge. Senior lenders have argued that the terms of the debt exchange reduce the amount they stand to recover, while junior bondholders have said a debt swap deal is necessary to keep the company from filing for bankruptcy. (Reporting by Tracy Rucinski and Amrutha Gayathri; Editing by Saumyadeb Chakrabarty)
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : ACI |
ISIN : US0393801008 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Arch Coal is a coal producing company based in United states of america. Arch Coal holds various exploration projects in USA. Its main assets in production are WEST ELK, BLACK THUNDER and JACOB'S RANCH in USA and its main asset in development is SPRUCE N° 1 in USA. Arch Coal is listed in Germany and in United States of America. Its market capitalisation is 868.2 millions as of today (€ 793.3 millions). Its stock quote reached its highest recent level on June 27, 2003 at 99.96, and its lowest recent point on October 01, 2018 at 0.01. Arch Coal has 47 442 200 shares outstanding. |