One of the oldest coal companies in the U.S. has filed for bankruptcy to deal with steep debt amid declining world demand.
Englewood, Colorado-based Westmoreland Coal Co. filed for Chapter 11 bankruptcy protection Tuesday in U.S. Bankruptcy Court in Houston.
Company officials say in a statement the filing is part of a restructuring agreement with an unnamed group of lenders.
Company officials say operations won’t be interrupted and there are no expected staff reductions.
Court filings show the company has $770 million in assets and $1.4 billion in debt.
Westmoreland was incorporated in 1854 in Pennsylvania. It has coal mines in Montana, Wyoming, New Mexico, Ohio, North Dakota and Texas, and a coal-fired power plant in North Carolina.
Its mines in Canada are not part of the bankruptcy filing.
This article provided by NewsEdge.