Coal mining company considers restructuring, bankruptcy protection


Coal mining company considers restructuring, bankruptcy protection

A Colorado-based coal company with mines in Montana and Wyoming is considering restructuring options, including filing for bankruptcy protection, after seeing demand drop and dealing with more than $1 billion in debt.

Westmoreland Coal Co. said in its annual report to shareholders and the Securities and Exchange Commission that it may seek bankruptcy protection from its creditors, or that an involuntary petition for bankruptcy could be filed against the company.

“Either of which could have a material adverse impact on our business, financial condition, results of operations and cash flows, and could place our shareholders at significant risk of losing all of their investment in our shares,” the report read. Read More

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