NOTE: during recent court approval of financial package the company stated that a new business plan will stand by the end of october (see below)...so adding one or two weeks the general public and investors will learn about this plan before the middle of november; IMO with a dramatic effect on PPS !!!!!!!!
"Finalizing this package with the support of both our secured lenders and the unsecured Creditors Committee represents a significant milestone in our restructuring,” Phillip Cavatoni, Alpha’s chief financial and strategy officer, said in a press release. “We believe that, in concert with existing liquidity, this package provides the financial flexibility needed to navigate the Chapter 11 process.”
In other developments, it appears Alpha will not have labor issues during its bankruptcy as Patriot Coal Corp. has witnessed recently. Alpha told the United Mine Workers of America that nothing in the loan deal requires the company to win concessions from labor in the form of benefit or pay cuts.
The company promised a new business plan by the end of October and could possibly call on labor to make sacrifices then, according to court records.
