Arch Coal has announced that it has successfully completed financial restructuring and has emerged from bankruptcy. Shares of the reorganized company began trading last week on the NYSE under the ticker ARCH, according to the Wall Street Journal. The company's full press release can be found here.
Why is this important?
- Arch's footprint across the U.S. is large – the company, and its subsidiaries, reportedly have a leading position in every major U.S. coal basin, including Wyoming, Colorado, Illinois, West Virginia, Kentucky and Virginia.
- Arch reports that it employs nearly 4,000 employees and reports that "for every direct mining job, it's said that there are seven indirect jobs that support the mining industry." This news hits close to home – Arch's West Elk Mine is the largest coal mine in Colorado and Arch's Black Thunder Mine in the Powder River Basin of Wyoming is one of the largest single coal mining complexes in the world.
- According to the Denver Business Journal article, Owner of Colorado's Biggest Coal Mine Exits Bankruptcy, Sheds Billions in Debt, Arch was able to reduce its debt load 93% from nearly $5 billion to $363 million.
Coal in the news...
We all know that coal has been a hot topic in the presidential debates so it is fresh on our nation's mind...no need to recap the sharp divide between the candidates on the subject.
Also, don't forget that the Paris Agreement is reportedly set to take effect next month. More details on that subject to follow...
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