Arch Coal Secures Global Settlement, Facilitates Consensual Completion of Financial Restructuring
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Arch Coal, Inc. has secured a global settlement with certain of its senior secured lenders that hold more than 66 2/3 percent of its first lien term loan and the Official Committee of Unsecured Creditors (UCC). The company has filed an amended plan of reorganization that incorporates and implements the global settlement and a related disclosure statement with the United States Bankruptcy Court for the Eastern District of Missouri.
“The global settlement is a momentous achievement that should facilitate a timely and successful conclusion to our financial restructuring process. With this agreement, the path is now clear for Arch to move forward with our plan to position the company for long-term success — by strengthening our balance sheet, building upon our strong operational performance, and delivering on our unwavering commitment to safety and reclamation excellence. We are sharply focused on emerging from this court-supervised process in an expeditious manner, and as a stronger and more nimble player well-equipped to compete in a rapidly evolving marketplace,” said John W. Eaves, chairman and CEO of Arch Coal.
“We want to recognize the tremendous contributions of Arch’s workforce throughout this process. Through their dedication and hard work, our employees have enabled us to operate in an uninterrupted manner and continue to set the industry standard for safety and environmental performance,” added Eaves.
Following approval of the disclosure statement, the company intends to solicit creditor votes and seek the bankruptcy court’s confirmation of the plan on the timeline outlined in the global settlement agreement.
About Arch Coal
U.S.-based Arch Coal, Inc. is a top coal producer for the global steel and power generation industries, reliably serving customers worldwide. Its network of large-scale, low-cost mining complexes is the most diversified in the United States, spanning every major coal supply basin.
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