Mar 5, 2019...The bankruptcy comes as the coal industry struggles from power utilities and others reducing their reliance on it as a fuel.
The stock held by shareholders of the existing Westmoreland is being wiped out in the reorganization.
Westmoreland’s Chapter 11 reorganization leaves unpaid as much as $930 million in unsecured financial claims — including $334.5 million in retiree health benefits, pension payments of $41.7 million and $21.8 million in funding for treating miners’ Black Lung disease.
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