Alpha Natural Resources Gets $692 Million Loan

Alpha Natural Resources (OTCMKTS:ANRZQ) has secured approval for a $692 million loan that should finance its Chapter 11 bankruptcy protection, Reuters reported.
As quoted in the publication:

The company’s plan to borrow the money was initially opposed by unsecured creditors and mine workers, who feared it unnecessarily burdened the company with more debt and granted lenders too much sway over the company.
The company’ lawyer said the parties are putting the final touches to the agreement and are expected to present the revised loan terms in the coming days.
“I’m pleased we were able to get to a resolution and I think that bodes well for the case,” US bankruptcy judge Kevin Huennekens, in Richmond, Virginia, told the hearing.

Click here for the full Reuters article.