U.S. Markets open in 45 mins

Westmoreland Coal's future hazy amid bankruptcy reorganization

Greg Avery
Westmoreland Coal's future hazy amid bankruptcy reorganization

Creditors of the nation's oldest independent coal producer will consider selling the Douglas County-based company's mines under a Chapter 11 reorganization filed Tuesday. Westmoreland Coal Co. reached a restructuring agreement as its U.S. business filed for bankruptcy protection to reorganize in the face of nearly $1.1 billion in debt, $416.8 million of it due before next summer. “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,” said Michael Hutchinson, the company's interim CEO, in a written statement.