Major coal mining company files for bankruptcy
Jan 19, 2016 10:54:47 #
Major coal mining company files for bankruptcy--18eh., b28
Arch Coal Inc., the nations second-largest coal mining company, filed for bankruptcy Monday.
The filing is just the latest in a string of major coal company bankruptcies in recent years as the industry has been battered by a large-scale switch in electricity production away from coal.
Walter Energy Inc., Alpha Natural Resources Inc. and Patriot Coal have all recently filed for Chapter 11 bankruptcy.
Fueled by cost considerations and environmental regulations, electric utilities are in the middle of a transformation toward natural gas and renewables, and are closing or reducing the use of coal-fired power plants.
Last April saw the first time in United States history during which natural gass market share for electricity exceed that of coal for a month, according to the Energy Information Administration (EIA). Gas beat coal again for at least four more months last year, EIA said.
Arch cited weakening demand for coal in filing for Chapter 11 bankruptcy, saying its existing mines and miners will not immediately be affected by the process of restructuring its debt.
After carefully evaluating our options, we determined that implementing these agreements through a court-supervised process represents the best way to solidify our financial position and strengthen our balance sheet, Arch Coal Chairman John Eaves said in a statement.
The company said it reached agreements with lenders to reduce its debt by about $4.5 billion.
It reported $6.5 billion in debt and $5.8 billion in assets in its filings.
source-- the hill, timothy cama, john eaves
Arch Coal Inc., the nations second-largest coal mining company, filed for bankruptcy Monday.
The filing is just the latest in a string of major coal company bankruptcies in recent years as the industry has been battered by a large-scale switch in electricity production away from coal.
Walter Energy Inc., Alpha Natural Resources Inc. and Patriot Coal have all recently filed for Chapter 11 bankruptcy.
Fueled by cost considerations and environmental regulations, electric utilities are in the middle of a transformation toward natural gas and renewables, and are closing or reducing the use of coal-fired power plants.
Last April saw the first time in United States history during which natural gass market share for electricity exceed that of coal for a month, according to the Energy Information Administration (EIA). Gas beat coal again for at least four more months last year, EIA said.
Arch cited weakening demand for coal in filing for Chapter 11 bankruptcy, saying its existing mines and miners will not immediately be affected by the process of restructuring its debt.
After carefully evaluating our options, we determined that implementing these agreements through a court-supervised process represents the best way to solidify our financial position and strengthen our balance sheet, Arch Coal Chairman John Eaves said in a statement.
The company said it reached agreements with lenders to reduce its debt by about $4.5 billion.
It reported $6.5 billion in debt and $5.8 billion in assets in its filings.
source-- the hill, timothy cama, john eaves
Jan 19, 2016 10:58:26 #
hprinze
Loc: Central Florida
thebigp wrote:
Major coal mining company files for bankruptcy--18... (show quote)
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Seven years ago, Obama said he would put the coal miners out of business,
Jan 19, 2016 11:23:38 #
hprinze wrote:
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Seven years ago, Obama said he would put the coal miners out of business,
Seven years ago, Obama said he would put the coal miners out of business,
I do not understand why people don't embrace transition when it is to be for an embetterment. When people see a change coming it is up to them to make the changes and prepare for the transition, to diversify. This is something the coal companies and miners could have done.
Jan 19, 2016 11:29:42 #
hprinze wrote:
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Seven years ago, Obama said he would put the coal miners out of business,
Seven years ago, Obama said he would put the coal miners out of business,
Another right wing lie liar.
Jan 19, 2016 13:40:05 #
no propaganda please
Loc: moon orbiting the third rock from the sun
3jack wrote:
Another right wing lie liar.
Oh really now?
Obama's Promise the Bankrupt the Coal Industry - YouTube
▶ 3:58
http://www.youtube.com/watch?v=DpTIhyMa-Nw
Jan 19, 2016 15:48:45 #
no propaganda please wrote:
Oh really now?
Obama's Promise the Bankrupt the Coal Industry - YouTube
▶ 3:58
http://www.youtube.com/watch?v=DpTIhyMa-Nw
Obama's Promise the Bankrupt the Coal Industry - YouTube
▶ 3:58
http://www.youtube.com/watch?v=DpTIhyMa-Nw
yeah...really. You have to come up with something more "official" than youtube, liar.
Jan 19, 2016 15:54:02 #
hprinze
Loc: Central Florida
Artemis wrote:
I do not understand why people don't embrace transition when it is to be for an embetterment. When people see a change coming it is up to them to make the changes and prepare for the transition, to diversify. This is something the coal companies and miners could have done.
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If you and your idol Obama think it is a change for the better, that means everyone is to be forced to agree???
Jan 19, 2016 20:19:46 #
no propaganda please
Loc: moon orbiting the third rock from the sun
3jack wrote:
yeah...really. You have to come up with something more "official" than youtube, liar.
Gee, a speech by Obama where he said that you can build a power plant hat uses coal but the fines will bankrupt you and that is what we want, is not sufficient evidence for you? Your lord and god Obama said it, and you are calling him a liar. Shame on you!!
Jan 19, 2016 22:48:27 #
no propaganda please wrote:
Gee, a speech by Obama where he said that you can build a power plant hat uses coal but the fines will bankrupt you and that is what we want, is not sufficient evidence for you? Your lord and god Obama said it, and you are calling him a liar. Shame on you!!
Liar...he has never stated that he had a goal to bankrupt any company, foreign or domestic. If manipulated youtube bullshit is your cup-of-tea, so be it. I'm smarter than that.
Jan 20, 2016 00:07:13 #
hprinze wrote:
==================================
If you and your idol Obama think it is a change for the better, that means everyone is to be forced to agree???
If you and your idol Obama think it is a change for the better, that means everyone is to be forced to agree???
He's not my idol, you just keep holding on to yesterday, let me know how that works out for ya.
Jan 20, 2016 04:15:34 #
Artemis wrote:
I do not understand why people don't embrace transition when it is to be for an embetterment. When people see a change coming it is up to them to make the changes and prepare for the transition, to diversify. This is something the coal companies and miners could have done.
Exactly what would you advise the coal miners to do?
Jan 20, 2016 04:22:03 #
Jan 20, 2016 04:22:55 #
Jan 20, 2016 11:39:25 #
Do you think all these miners and their families in these states will vote democrat after you have impoverished them?
Jan 20, 2016 11:47:03 #
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