Arch Coal Files Amended Bankruptcy Plan of Reorganization

Arch Coal files amended bankruptcy reorganization plan

Coal producer Arch Coal Inc. filed an amended Plan of Reorganization and a related disclosure statement with the U.S. Bankruptcy Court for the Eastern District of Missouri.

A hearing to consider approval of the disclosure statement is set for June 22, 2016. Once the statement is approved, the company intends to seek confirmation of the plan consistent with the milestones outlined in the restructuring support agreement. The plan is supported by some of the company’s senior secured lenders that hold more than 66 2/3 percent of its first lien term loan.

“The filing of this amended plan moves Arch another significant step closer to a successful completion of our financial restructuring,” said John W. Eaves, Arch’s chairman and CEO. “We are pleased to submit a plan that will strengthen our balance sheet and enable us to continue our operations and reclamation activities, as we further advance our efforts to position Arch for long-term success.”

Arch Coal filed for Chapter 11 bankruptcy in April, saying it intended to see the company emerge as an intact company. Davis Polk & Wardwell LLP is serving as legal advisor to Arch Coal, and PJT Partners is serving as financial advisor.

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