October 9, 2018 / 9:57 PM / 6 months ago

Coal producer Westmoreland seeks bankruptcy protection, plans sale

Westmoreland Coal Co, the oldest U.S. independent coal producer, filed for bankruptcy on Tuesday with the support of a group of lenders who have offered to serve as a stalking horse to acquire its assets.

A stalking-horse puts a floor on bids for bankrupt companies and Englewood, Colorado-based Westmoreland said in a statement it will continue a campaign that was already under way to find a buyer while it works on a restructuring overseen by the U.S. Bankruptcy Court in Houston.

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