One of oldest coal companies in US files for bankruptcy

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.