![]() Essentially, the move to reduce the number of shares is intended to boost the share price, and it will take effect on July 27. Arch Coal pulled off a one-for-ten reverse stock split in an effort to avoid the same delisting fate as its peer. “In the face of ongoing depressed conditions in the market for met coal, we must do what is necessary to adapt to the new reality in our industry,” Walter Energy’s CEO Walt Scheller said in a press release.Īlpha Natural Resources, a top producer of metallurgical coal (used for steelmaking), was delisted from the New York Stock Exchange because its share price was “abnormally low.” The company is eyeing the possibility of declaring bankruptcy protection.Īrch Coal has seen its share price crater to similar depths that Alpha Natural Resources saw before it was delisted. Senior lenders will see their debt turned into equity, and if the company cannot turn the ship around, it will more or less sell off all of its assets. Walter Energy, an Alabama coal miner, announced on July 15 that it is filing for bankruptcy. coal mining sector has exhibited an unprecedented wave of turmoil in just the last few weeks. SNL Financial has produced some jaw dropping data on the quickly deteriorating coal industry, with a horrific performance in the second quarter. It often indicates a user profile.Īfter decades of strong financial numbers and dominance in the electric power sector, coal producers are starting to fall apart faster than anyone could have anticipated. Account icon An icon in the shape of a person's head and shoulders.
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