Alpha Natural Resources, Inc Files for Chapter 11 with United States Bankruptcy Court for the Eastern District of Virginia
It is not recent news that the U.S. coal industry is going through a distressing period with oversupply in the global market, low prices and increasing regulations from the governments stressing on lowering pollution.
Many coal producers are facing a tough time to be in business. The American metallurgical coal producing company, Alpha Natural Resources, Inc. and some of its wholly-owned subsidiaries have filed voluntary petitions with the United States Bankruptcy Court for the Eastern District of Virginia in Richmond to reorganize under Chapter 11 of the U.S. Bankruptcy Code.
The Chapter 11 case filings were authorized by the Board of Directors of Alpha Natural Resources in order to make the company's future better as it struggles to stay afloat in the highly competitive coal market. The relief which the Chapter 11 will provide will permit the company to restructure and bring out a business that will be financially workable and will be in a better position to compete in the fast growing energy markets.
The Company plans to seek the immediate required relief from the Bankruptcy Court which will permit its regular business to continue without any interruptions when in Chapter 1. It plans to continue the coal mining along with paying wages and customer commitments to be honored. Fifty or more surface as well as underground mines and twenty coal preparation facilities are operated by Alpha Natural Resources affiliates in different locations.
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