Arch Coal completes financial restructuring, emerges from Chapter 11
Arch Coal announced that it has successfully completed its financial restructuring and emerged from court protection, with new equity that will trade on the New York Stock Exchange under the ticker symbol "ARCH." Arch is emerging with more than $300M of cash on its balance sheet and a debt level of just $363M, consisting of a new term loan and capital leases. The company's total debt is just 7% of what it was prior to restructuring. Cash requirements are expected to be modest, with projected capital spending of $55M in 2017 and projected debt service of approximately $33M. In addition, the company has third-party surety bonds in place covering 100% of its reclamation bonding requirements.