Arch Coal emerges from Chapter 11 bankruptcy protection
NEW YORK (AP) Arch Coal says it has emerged from Chapter 11 bankruptcy protection and its stock will trade again on the New York Stock Exchange Wednesday.
The company, which has been hurt by weakening demand for coal, filed for bankruptcy protection nearly eight months ago to reduce its debt. Several other coal companies have filed for bankruptcy protection recently as electric power companies opt to use natural gas instead of coal, because it is cheaper and produces less pollution than coal.
Arch Coal says it now has $363 million in debt and $300 million in cash. The company continued to operate while it was under bankruptcy protection.
The St. Louis company says its stock will trade on the NYSE Wednesday under a new ticker symbol, “ARCH.”