December 19, 2018 / 10:57 PM / 5 months ago

Bankrupt coal producer Westmoreland closes in on reorganization

Coal producer Westmoreland Coal Co won court approval on Tuesday for its disclosures of its plan to emerge from bankruptcy in mid-February by pursuing its proposed sale to a group of lenders and noteholders.

The Englewood, Colorado-headquartered miner, the sixth largest coal producer in North America, sought Chapter 11 bankruptcy protection in October with a restructuring support agreement that has the group serving as its stalking horse to put a floor on bidding.

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