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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.