Arch Coal Creditors Slam $275M Ch. 11 Financing Proposal

By Jonathan Randles (February 17, 2016, 2:44 PM EST) -- Arch Coal's unsecured creditors are fighting the company's bid for $275 million in bankruptcy financing backed by the debtor's senior lenders, saying in court papers filed Tuesday in Missouri federal court that the deal includes terms that would severely limit the debtor's liquidity.

The official committee of unsecured creditors in Arch Coal's Chapter 11 case filed an objection to the company's request for final approval of a debtor-in-possession financing package, or DIP financing. One of the world's largest coal producers, Arch Coal filed for bankruptcy protection last month amid ongoing declines in demand and prices.

The filing represents one of the...

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