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Moody's Investors Service ("Moody's") downgraded Westmoreland Coal Company's ("Westmoreland") Probability of Default Rating (PDR) to D-PD from Caa3-PD. Moody's also downgraded the company's Corporate Family Rating (CFR) to C from Caa3 and all instrument ratings to C from Ca.
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.
The company has reached a restructuring agreement in which a group of lenders will bid for substantially all of Westmoreland’s business assets.
In this article, I’m going to take a look at Westmoreland Resource Partners LP’s (NYSE:WMLP) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subjectRead More...
A new lithium exploration project in the Western United States could prove out one of the largest lithium aquifers globally according to recent expert comments. Exploratory drilling results from an up-and-coming company called Oroplata Resrouces (ORRP) in the coming months could prove whether this region is as big as some experts believe. With a $13 million market capitalization, ORRP could see a major move as these results approach, and 2018 could prove a breakout year for the small company.
NEW YORK, NY / ACCESSWIRE / May 24, 2018 / Traders News Source, a leading independent equity research and corporate access firm focused on small and mid-cap public companies is issuing a comprehensive report with no obligation on Westmoreland Resource Partners, LP (WMLP), a company that produces and markets thermal coal in the United States. Westmoreland Resource Partners, LP is a subsidiary of Westmoreland Coal Company. Shares of the parent company, Westmoreland Coal were also up over 100% on Wednesday.