Arch reaches settlement with creditors

Bankrupt US coal company, Arch Coal, has secured a global settlement with certain of its secured lenders, holding two-thirds of its first lien term loan, and the official committee of unsecured lenders (the UCC). As a result, an amended plan or reorganisation has been filed with the bankruptcy court.

The settlement ends the threat of litigation by unsecured lenders, easing the company’s route out of bankruptcy.

“The global settlement is a momentous achievement that should facilitate a timely and successful conclusion to our financial restructuring process,” said John W. Eaves, Arch’s Chairman and CEO, in a press release.

Edited by Jonathan Rowland.

Read the article online at: https://www.worldcoal.com/coal/06072016/arch-reaches-settlement-with-creditors-2016-1075/