Arch Coal Reaches Agreement with Senior Lenders to Restructure Balance Sheet and Reduce Debt
In order to facilitate this financial restructuring, Arch and substantially all of its wholly-owned domestic subsidiaries have today filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the
Arch expects its mining operations and customer shipments to continue uninterrupted throughout the reorganization process.
"Today's announcement represents another significant step in our ongoing efforts to position the company for long-term success," said
"Since the market downturn, we have taken many steps to enhance the efficiency of our operations and to strengthen our asset base," Eaves continued. "As a result, all of our operating segments were cash flow positive during the first three quarters of 2015. We will continue to provide our customers with exceptional service as we move through this process, while maintaining and further reinforcing our position as an industry leader in safety, environmental stewardship and productivity."
The company believes it has sufficient liquidity to continue its normal mining activities and to meet its obligations in the ordinary course. Arch had more than
Additional information is available on Arch's website at www.archcoal.com/restructuring or by calling Arch's Restructuring Hotline, toll-free in the U.S., at 1-844-242-7478. (For calls originating outside the U.S., please dial 1-929-477-8086). In addition, court filings and other documents related to the reorganization proceedings are available on a separate website administered by Arch's claims and noticing agent, Prime Clerk, at https://cases.primeclerk.com/archcoal.
This press release contains "forward-looking statements" – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from changes in the demand for our coal by the domestic electric generation industry; from legislation and regulations relating to the Clean Air Act and other environmental initiatives; from operational, geological, permit, labor and weather-related factors; from fluctuations in the amount of cash we generate from operations; from potential demands for additional collateral for self-bonding; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the
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Investors: Charles Dayton, Investor Relations, 314-994-2912, or Media: Logan Bonacorsi, Arch Coal, 314-994-2766 or Michael Freitag / Andrew Siegel / Aaron Palash, Joele Frank, Wilkinson Brimmer Katcher, 212-355-4449