Arch Coal, Inc., a US based top coal producer, announced today that it has secured a global settlement with certain of its senior secured lenders that hold more than 66 2/3 percent of its first lien term loan and the Official Committee of Unsecured Creditors (the "UCC").
The company has filed an amended Plan of Reorganization (the "Plan") that incorporates and implements the global settlement and a related Disclosure Statement with the United States Bankruptcy Court for the Eastern District of Missouri.
The full terms of the agreement are available in a Form 8-K that has been filed with the Securities and Exchange Commission.
A hearing to consider approval of the Disclosure Statement is scheduled for July 6, 2016. Following approval of the Disclosure Statement, the company intends to solicit creditor votes and seek the Bankruptcy Court's confirmation of the Plan on the timeline outlined in the Global Settlement Agreement.