Major Coal Companies File for Bankruptcy

Arch Coal, the nation’s second largest coal company, filed for bankruptcy early in 2016, asking lenders to eliminate more than $4.5 billion worth of debt. The company stated that its debt restructuring will not affect its nearly 5,000 employees or its mining operations in Appalachia and around the country. Alpha Natural Resources, another coal company undergoing bankruptcy, was granted approval to issue nearly $12 million in executive bonuses while attempting to evade responsibility for paying some retirees’ life insurance and health benefits. — Eliza Laubach