Arch Coal filed an amended Plan of Reorganization and a related disclosure statement with the U.S. Bankruptcy Court for the Eastern District of Missouri. The plan is supported by certain of the company’s senior secured lenders that hold more than 66 2/3% of its first lien term loan.

“The filing of this amended plan moves Arch another significant step closer to a successful completion of our financial restructuring,” said John W. Eaves, Arch’s chairman and CEO. “We are pleased to submit a plan that will strengthen our balance sheet and enable us to continue our operations and reclamation activities, as we further advance our efforts to position Arch for long-term success.

“With low-cost production in strategic market segments and the most advantaged coal supply regions, Arch is well-equipped to emerge as a strong competitor. We are confident that, upon emergence, Arch will be poised to prosper in the quickly evolving coal marketplace.”

A hearing to consider approval of the disclosure statement is scheduled for June 22, 2016. Following approval of the disclosure statement, the company intends to seek confirmation of the plan consistent with the milestones outlined in the restructuring support agreement.

Previous stories in ABF Journal:

Arch Coal Files Chapter 11, Wilmington Trust to Agent $275MM DIP
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