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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Another coal company seeks Chapter 11 protection

Over the course of the last century, this country has seen significant evolution in all types of technology. While many of these advances are generally viewed as positive, many can create financial hardships for businesses. For example, many coal businesses in Oklahoma and across the country may have experienced hardship over the last few years as more businesses and individuals turn to resources purported to be more cost efficient and better for the environment. As a result, many coal businesses have sought the protection of Chapter 11 bankruptcy.

Recently, Arch Coal Inc. has joined the ranks of Patriot Coal Corp. and Alpha Natural Resources Inc. in filing for bankruptcy. Arch Coal announced that it was considering the possibility of such an action last year. According to filings, Arch Coal claims that it has assets valued at approximately $5.8 billion and debts estimated at $6.5 billion.

In a recent announcement, the company claimed that it was able to create a deal with lenders to significantly reduce its debt. A spokesperson for the company claims that its mines will remain open during bankruptcy proceedings. Additionally, employees should not be impacted, continuing to receive their pay and other benefits.

Businesses in Oklahoma can become overwhelmed with debt due to circumstances that are beyond their control. In order for businesses and individuals to better understand their options when debt becomes overwhelming, many seek advice from an attorney with experience with bankruptcy law, including Chapter 11 bankruptcy. An initial consultation could be the first step toward a better understanding of options that could lead to a clean financial slate.

Source: ABC News, "Arch Coal Files for Chapter 11 Bankruptcy Protection", Jan. 11, 2016

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