Alpha Natural Resources, Inc.(fka ANRZQ)

[MattySR]

it is not going to put shareholders at the front of the line when it is time to divvy up the remains.

No one here expects shareholders to "magically" be put in front of the line.

That being said, just because shareholders are last in line does not mean coal markets can't improve in the next year or so.

Higher return in the coal market = better likely that ANR's assets will improve in value, as well as better chances bond holders will negotiate with shareholders.

It's naive to rule out a successful bankruptcy in the near - mid term.

ANR has almost 2 billion in current assets (as of the filing), this is unheard of for a BK company along with a DIP loan. No coal company is getting financing in these times. The longer other coal companies stay out of Bk, the worst their balance sheets will look having to pay massive interest.

I'm not saying ANR's accrued interest will be forgiven, it is definitly still a factor. But they are not paying interest in Bankruptcy and are putting liquidity to better position themselves for a return in the coal market.