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Another coal giant files for bankruptcy

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Alpha Natural Resources has filed for Chapter 11 bankruptcy.

On Monday, a statement from the company said: “The Board of Directors of Alpha Natural Resources authorized the filing of the Chapter 11 cases to enhance the company’s future as it weathers a historically challenged coal market.”

“The relief provided by Chapter 11 will allow the company to reorganize and emerge as a financially viable business that is better positioned to compete in dynamic energy markets.”

Bloomberg reported last Thursday the company had been planning to file today.

Read more: http://www.businessinsider.com/alpha-natural-files-for-bankruptcy-2015-8#ixzz3hmjaNmoG

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