| Bankrupt coal miner Alpha gets approval for $692 mln loan | |
| | |
|
By Tom Hals Sept 15 (Reuters) - Alpha Natural Resources, a major U.S. coal miner that filed for bankruptcy in August, has reached agreements with creditors that clears the way for it to borrow $692 million to finance its Chapter 11, a company lawyer told a court on Tuesday. The company's plan to borrow the money was initially opposed by unsecured creditors and mine workers, who feared it unnecessarily burdened the company with more debt and granted lenders too much sway over the company. The company' lawyer said the parties are putting the final touches to the agreement and are expected to present the revised loan terms in the coming days. "I'm pleased we were able to get to a resolution and I think that bodes well for the case," U.S. Bankruptcy Judge Kevin Huennekens in Richmond, Virginia, told the hearing. Alpha, the world's third-largest supplier of metallurgical coal used in making steel, joined several other coal companies in bankruptcy as tighter regulations, falling energy prices and an economic slowdown in China have taken a toll on the industry. While rivals such as Patriot Coal and Walter Energy entered bankruptcy and quickly put their assets up for auction, Alpha intends to develop a business plan and a new financial structure that will allow it to turn itself around. The case is Alpha Natural Resources Inc, U.S. Bankruptcy Court, Eastern District of Virginia, No. 15-33896 (Reporting by Tom Hals in Wilmington, Delaware; Editing by Andrew Hay)
|
|
|
Alpha Natural Resources Inc.
|
|
|
CODE : ANR |
ISIN : US02076X1028 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Alpha Natural Res. is a producing company based in United states of america. Alpha Natural Res. is listed in Germany and in United States of America. Its market capitalisation is US$ 580.6 millions as of today (€ 502.5 millions). Its stock quote reached its highest recent level on July 25, 2008 at US$ 99.92, and its lowest recent point on February 19, 2021 at US$ 0.02. Alpha Natural Res. has 49 410 000 shares outstanding. |