One of oldest US coal companies files for bankruptcy

October 09, 2018 - 1:50 pm

HELENA, Mont. (AP) — One of the oldest coal companies in the U.S. has filed for bankruptcy to deal with steep debt amid declining world demand.

Englewood, Colorado-based Westmoreland Coal Co. filed for Chapter 11 bankruptcy protection Tuesday in U.S. Bankruptcy Court in Houston.

Company officials say in a statement the filing is part of a restructuring agreement with an unnamed group of lenders.

Company officials say operations won't be interrupted and there are no expected staff reductions.

Court filings show the company has $770 million in assets and $1.4 billion in debt.

Westmoreland was incorporated in 1854 in Pennsylvania. It has coal mines in Montana, Wyoming, New Mexico, Ohio, North Dakota and Texas, and a coal-fired power plant in North Carolina.

Its mines in Canada are not part of the bankruptcy filing.

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