The company also said that it expects to complete the 2014 compliance audits of its administration of Title IV programs before the U.S. Department of Education's June 30, 2015 deadline.
Back in December, I called Investor Relations at Walter Energy and I was told bankruptcy isn't even in the cards when the price was at $3. Well, they are currently negotiating bankruptcy and the price is now 35 cents.
The challenge for coal companies is twofold. Prices for metallurgical coal -- the type used in steel-making -- have plunged to 11-year lows as China’s economy drags, battering miners’ profits. At the same time, demand for thermal coal for power plants is steadily sliding amid an abundance of shale gas and concerns about climate change.
Earlier this year, natural gas usurped coal as the biggest producer of U.S. electricity for the first time, the U.S. Energy Information Administration reported Tuesday. In April, natural gas produced 31.5 percent of the country’s electricity, while coal accounted for 30.2 percent.
All this comes as coal miners are grappling with debt loads in the billions of dollars -- the result of expansions and acquisitions made in recent years when the coal sector’s outlook seemed brighter.
Alpha Natural Resources had about $3.1 billion in long-term debt as of March 31. The Bristol, Virginia, company is now seeking a loan of up to $400 million to help it through bankruptcy should it file for chapter 11 protection in early August, the Wall Street Journal reported Thursday.
SHORTS and Put buyers are SCREWED THEY HAVE TO BUY MASSIVELY TO COVER. DON"T SELLLLLLLLLL $7 before noon!!!!!
NO REASON to buy this stock. Will just be sellers now.
That's the sad part. Tricked.
look at the chartes and the feeble bounce off $7.85 range today, Look for this to touch $7.50-7.60 range tomorrow for sure.
that's a lie. the stock is held up by the dividends. If that news is true and that guy isn't making it up, the stock will plummet to $3-4
I bet they are selling into this.
Is this a margin call?
This can plummet to $14.
They won't ever see that again for at least 2 years.
They deserve their country to collapse.