With the recent sale of Utah mines, ACI bankruptcy was postponed for another year into 2017 (given current pricing) ... it will be all over before that. Met coal will rebound to 200 as soon as Q4 2014 and PRB price will rebound to $13 probably before year end. Hopefully, recent spike in PRB prices is the beginning of the correction (I though the same in April).
the bond due in 2016 is for 650 million or so and will be called early or paid off w/ cash. the next bond due is 1.6 billion in 2018. with cost cuts, invariable rise of natgas to about six bucks and better coal pricing, growing worldwide GDP and coal demand, expanding exports, ACI will do fine. analysts expect losses in 2013 and 2014 and significant profitability in 2015 w/ avg eps est of .84 or so. as coal recovers their book value goes up, assets up, revenues up, profits up and they should have no problems refinancing 2018 debt. I believe that's correct... what say you?