Westmoreland Coal Files for Bankruptcy Amid Coal Market Pressure

Westmoreland Coal Co. filed for bankruptcy with a pre-arranged plan to restructure its debt and sell assets as declining coal contracts weigh on its business.

The U.S. coal miner reached an agreement with holders of about 76.1 percent of the company’s term loan, 57.9 percent of its senior secured notes, and 79.1 percent of its bridge loan, according to a statement. Its subsidiary Westmoreland Resource Partners LP simultaneously filed for chapter 11 as it pursues a sale process.

Englewood, Colo.-based Westmoreland said it has about $770 million worth of assets and $1.4 billion in debt, according to the bankruptcy petition ...