Another coal giant files for bankruptcy
Alpha Natural Resources has filed for Chapter 11 bankruptcy.
On Monday, a statement from the company said: “The Board of Directors of Alpha Natural Resources authorized the filing of the Chapter 11 cases to enhance the company’s future as it weathers a historically challenged coal market.”
“The relief provided by Chapter 11 will allow the company to reorganize and emerge as a financially viable business that is better positioned to compete in dynamic energy markets.”
Bloomberg reported last Thursday the company had been planning to file today.