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Arch Coal Files Amended Plan of Reorganization and Disclosure Statement

June 15, 2016, 07:46 AM
Filed Under: Bankruptcy

Arch Coal, Inc. has filed an amended Plan of Reorganization (the "Plan") and a related Disclosure Statement with the United States Bankruptcy Court for the Eastern District of Missouri. The Plan is supported by certain of the company's senior secured lenders that hold more than 66 2/3% of its first lien term loan.

"The filing of this amended Plan moves Arch another significant step closer to a successful completion of our financial restructuring," said John W. Eaves, Arch's chairman and CEO. "We are pleased to submit a plan that will strengthen our balance sheet and enable us to continue our operations and reclamation activities, as we further advance our efforts to position Arch for long-term success. With low-cost production in strategic market segments and the most advantaged coal supply regions, Arch is well-equipped to emerge as a strong competitor. We are confident that, upon emergence, Arch will be poised to prosper in the quickly evolving coal marketplace."

"We appreciate the support of Arch's lenders and other stakeholders, and we are especially grateful for the continued focus and commitment of Arch's dedicated employees during this process," Eaves continued. "Thanks to our employees' efforts, we are continuing to provide exceptional service to our customers, while maintaining our position as an industry leader in safety and environmental stewardship."

A hearing to consider approval of the Disclosure Statement is scheduled for June 22, 2016. Following approval of the Disclosure Statement, the company intends to seek confirmation of the Plan consistent with the milestones outlined in the restructuring support agreement.

Arch's Plan and Disclosure Statement, as well as other documents related to the reorganization proceedings, are available on a website administered by Arch's claims and noticing agent, Prime Clerk, at The Disclosure Statement is subject to approval by the Court, and the Plan is subject to confirmation by the Court.
Davis Polk & Wardwell LLP is serving as legal advisor to Arch Coal, and PJT Partners is serving as financial advisor.

U.S.-based Arch Coal, Inc. is a top coal producer for the global steel and power generation industries, reliably serving customers worldwide. Its network of large-scale, low-cost mining complexes is the most diversified in the United States, spanning every major coal supply basin.

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