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On January 11, 2016, Arch reached an agreement with the majority of its senior lenders on the terms of a financial restructuring of its balance sheet that is expected to reduce the company’s long-term debt by more than $4.5 billion. To facilitate this financial restructuring, Arch filed for reorganization under Chapter 11 of the Bankruptcy Code in order to solidify and enhance the company’s financial position. Mining operations and customer shipments will continue in an uninterrupted manner.
As part of the reorganization process, we will be required to periodically disclose certain financial results. We will not issue earnings press releases or hold quarterly conference calls during the reorganization proceedings. We plan to continue to file quarterly and annual reports with the Securities and Exchange Commission.
For more information, please visit the restructuring page at www.archcoal.com/restructuring, which will provide you with regular updates as well as a link to our claims agent website. We’ve also established a toll-free information hotline at 1-844-242-7478 to address specific questions and concerns.
On January 11, 2016 the New York Stock Exchange (NYSE) suspended Arch’s common stock from trading and initiated proceedings to delist the stock. Upon delisting from the NYSE, Arch common stock might still be traded over the counter in the Pink Sheets or on the OTCBB, but we cannot assure you this will be the case. A delisting from the NYSE could result in significantly lower trading volumes and reduced liquidity for investors seeking to buy or sell shares of the common stock.
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