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Westmoreland Coal files for Chapter 11 Bankruptcy

Coal News - Published on Tue, 18 Dec 2018

Image Source: Wall Street Journal
Westmoreland Coal Co recently filed for Chapter 11 bankruptcy. The Denver Post recently reported the company had USD 1.4 billion in debt. Westmoreland is based in Colorado, but has no mines there. North Dakota, Wyoming, New Mexico, and Montana are some of the states where it has mines. Westmoreland’s interim CEO, Mr Michael Hutchinson, said that “After months of thoughtful and productive conversations with our creditors, we have developed a plan that allows Westmoreland to operate as usual while positioning Westmoreland for long-term success.”

The point of the chapter 11 bankruptcy is to restructure the debt with lenders to allow the company to continue operations. The company has almost 3,000 employees and reportedly does not expect to lay off any of them.

The Sierra Club released a statement about the filing, “Westmoreland’s declaration of bankruptcy is the latest clear signal that the coal industry is in an irreversible decline. With numerous coal companies facing bankruptcy in recent years, it is clear that further investments in coal are a mistake.”

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Posted By : Rabi Wangkhem on Tue, 18 Dec 2018
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