Arch Coal Inc. said Wednesday that it successfully completed its financial restructuring and emerged from bankruptcy with more than $300 million in cash on its balance sheet.
Arch. based in the St. Louis area, is the owner of Colorado's biggest coal mine, the West Elk mine in Gunnison County.
Arch's debt totaled nearly $5 billion before it filed Chapter 11 bankruptcy in January, saying it was hampered by competition from natural gas and new environmental rules from the EPA.
Through bankruptcy proceedings, Arch was able to reduce its debt load 93 percent to $363 million, which consists of a new term loan and capital leases. Its projecting debt service in 2017 of about $33 million.
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