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Arch Coal (NYSE:ACI) is looking at options with creditors after its latest move to avoid a bankruptcy filing through a debt swap was thwarted by senior lenders, the Wall Street Journal reported
Arch Coal (NYSE:ACI) is looking at options with creditors after its latest move to avoid a bankruptcy filing through a debt swap was thwarted by senior lenders, the Wall Street Journal reported.
As quoted in the publication:
Arch appealed the ruling by Justice Saliann Scarpulla of the New York State Supreme Court. However, Arch’s bond exchange offer expired this week and, rather than trying to extend the timeline, Arch accepted the hand it had been dealt by the courts and on Tuesday announced the exchange offer was off the table.
The end of the out-of-court restructuring leaves Arch with few options.
Click here to read the full article from the Wall Street Journal.