Restructuring plan in place, Arch Coal to emerge from bankruptcy soon

Arch Coal Inc. expects to emerge from bankruptcy in early October, over eight months after filing for Chapter 11, with a recent confirmation of the company’s Amended Plan of Reorganization by the U.S. Bankruptcy Court for the Eastern District of Missouri.
"The court's confirmation of our plan is the final legal step in our successful financial restructuring," Arch Coal CEO John Eaves said. "We will emerge as a strong, well-positioned natural resource company with a compelling plan for value creation. We have accomplished a great deal through the restructuring process and are confident that we have established a solid foundation for long-term success, built on our strong metallurgical and thermal franchises and our core commitment to safety and environmental excellence.”
The plan eliminates more than $4.7 billion in Arch debt and implements terms from a global settlement agreement between Arch and select senior secured lenders and the Official Committee of Unsecured Creditors.
“We thank our customers and vendors for their important support, as well as our employees for their great dedication to Arch,” Eaves said. "We appreciate the cooperation of our lenders and creditors, as well as their advisers, who worked constructively with us to complete Arch's financial restructuring in an expeditious and efficient manner."