Creve Coeur, MO (KTRS) Arch Coal is recovering from its financial woes.
The Creve-Coeur based company announced Wednesday that it has successfully completed its financial restructuring and has emerged from Chapter 11 bankruptcy. Arch Coal also says its emerging with more than $300 million of cash on its balance sheet and a debt level of just $363 million.
“Today marks the beginning of a new era for Arch Coal,” said John W. Eaves, Arch’s chief executive officer. “We are extremely pleased with what we have accomplished during our highly expeditious restructuring process, and are eager to move forward with our compelling plan for value creation. I am confident we have all the pieces in place for long-term success – an extraordinary workforce, cost-competitive assets, a high-quality reserve base, a clean balance sheet and an excellent management team.”
The St. Louis company says its stock will trade on the NYSE Wednesday under a new ticker symbol, “ARCH.”
Arch Coal filed for bankruptcy protection nearly eight months ago to reduce its debt after being hindered by the weakening demand for coal.