Arch Coal mines the depths
Arch Coal is once again a publicly traded company, but investors didn’t exactly welcome the coal miner back with open arms.
Arch Coal filed for Chapter 11 bankruptcy protection earlier this year. It was the second-largest coal mining company in the U.S. at the time. Like many of its competitors, it’s suffered as electric power companies use less coal and favor cheaper natural gas, which also produces less pollution. The slowing global economy has also hurt demand.
The nation’s largest coal miner, Peabody Energy, followed Arch Coal into bankruptcy protection a few months after it. St. Louis-based Arch says it’s reduced its debt by more than 90 percent and now has $363 million in debt and $300 million in cash.
The stock sank 10 percent on Wednesday.