Coal Miner Alpha Natural Files for Bankruptcy Protection
Coal miner Alpha Natural Resources Inc became the latest company to file for Chapter 11 bankruptcy due to a steep fall in coal prices.
Walter Energy Inc and Patriot Coal Corp filed for bankruptcy protection earlier this year.
Alpha Natural, whose total liabilities were $7.11 billion as of March-end, has been hit by week demand for metallurgical coal from China, the world's biggest steel producer.
The company, which is expected to report second-quarter results this week, has reported adjusted losses for the past 14 quarters.
Alpha Natural said on Monday it had secured an 18-month debtor-in-possession financing of about $692 million.
The company and its affiliates operate more than 50 underground and surface mines, and more than 20 coal preparation facilities in Virginia, Kentucky, West Virginia, Pennsylvania and Wyoming.
Alpha Natural idled some mines in West Virginia this year.
(Reporting By Manya Venkatesh in Bengaluru)
