A federal judge has confirmed Arch Coal’s plan to emerge from bankruptcy.
Arch declared bankruptcy in January, citing a weak market for coal and a high debt load. The company’s bankruptcy attorney, Marshall Huebner, told the court Tuesday that through restructuring, Arch has positioned itself to emerge as a viable company.
“To make it a lean mean fighting machine for the coming era, which will remain challenging and complicated for the U.S. coal industry,” he said.
Arch shed $4.7 billion in debt through bankruptcy.
The company's final bankruptcy plan includes provisions for insuring more than $400 million in previously unsecured cleanup obligations in Wyoming.
Arch plans to officially emerge from bankruptcy in October.
