19, 2015 /PRNewswire/ -- As previously announced, Southwest Bank, the trustee of the Dominion Resources Black Warrior Trust (the "Trust") was informed by Walter Energy, Inc., the parent of Walter Black Warrior Basin LLC (the "Company"), stating that it ...
Walter Energy Inc. is negotiating a debt restructuring with senior lenders that may put the unprofitable coal producer into bankruptcy as soon as this month, according to two people with knowledge of the discussions.
Walter Energy Inc. is preparing to file for bankruptcy protection this week after agreeing on a fast-track restructuring process that would hand ownership of the coal miner to senior creditors, according to people familiar with the matter.
Walter Energy, Inc. (NYSE:WLT) has lost 0.97% during the past week and dropped 58.78% in the last 4 weeks. The shares are however, negative as compared to the S&P 500 for the past week with a loss of 0.56%.
Coal miners sank as a slump in coal prices worsened. Walter Energy, Inc. (NYSE:WLT), Arch Coal Inc (NYSE:ACI), Peabody Energy Corporation (NYSE:BTU) and Alpha Natural Resources, Inc. (NYSE:ANR) all declined sharply following coal prices lower.
Walter Energy Inc.'s senior-most creditors are entering confidential talks with the coal miner to reorganize it in bankruptcy court and hand ownership to the lenders, according to two people with direct knowledge of the matter.
On Tuesday, Following Stocks were among the “Top 50 Gainers” of U.S. Stock Market: Walter Energy, Inc. (NYSE:WLT), American Eagle Energy Corporation (NYSEMKT:AMZG), Black Diamond, Inc. (NASDAQ:BDE), Esperion Therapeutics, Inc.
Walter explained the impairment as the result of an analysis performed in May that showed net undiscounted cash flows from the company's mines in Canada and the U.K. were less than the values of those assets on its balance sheet. To revalue the assets, ...