Arch Coal Files for Bankruptcy

http://www.wsj.com/articles/arch-coal-files-for-bankruptcy-1452500976

Arch Coal Inc., one of the U.S.’s largest coal producers, said Monday it had filed for chapter 11 bankruptcy protection as part of a reorganization plan aimed at trimming $4.5 billion in debt.
The St. Louis-based company said it reached an agreement with a majority of lenders under its $1.9 billion first-lien facility to restructure its debt. Arch Coal said it entered into a restructuring-support agreement with members of an ad hoc group of lenders that hold more than 50% of its first-lien debt.
Arch Coal and the lender group have agreed to the principal terms of a chapter 11 reorganization plan, the company said.
Arch Coal said it expected its mining operations and customer shipments to continue uninterrupted throughout the reorganization process.