Alpha Natural Resources Successfully Emerges From Bankruptcy
Reorganized Company Will Have Solid Financial Foundation to Continue Mining Coal, Fulfill Customer Needs and Satisfy Environmental Responsibilities
BRISTOL, Va., July 26, 2016 /PRNewswire/ -- Alpha Natural Resources and its affiliates announced that the Company has today successfully emerged from Chapter 11 bankruptcy protection. The reorganized company is a smaller, privately held company operating 18 mines and eight preparation plants in West Virginia and Kentucky.
David Stetson, who was appointed CEO of the reorganized company, said, "By completing this restructuring, ANR emerges as a company with a solid financial foundation and a strong team to continue to mine and sell coal. We are now also better positioned to satisfy ANR's environmental responsibilities. I am confident — even though coal markets continue to be challenged by both competitive and regulatory pressures — the company created by our Plan of Reorganization will have the structure, resources, and talent to successfully weather these challenges."
Stetson continued, "There are many people to thank. ANR could not have successfully completed this process without the loyalty and work of employees across our organization. During the restructuring, we reached important agreements with key stakeholders that will create a more sustainable business model going forward, and we appreciate their support, which ensures our ability to continue serving our customers and playing a positive role in our communities."
Stetson is a veteran coal executive with broad experience in the sector, including finance, mergers and acquisitions, corporate governance, legal and reclamation. He most recently held leadership positions with Trinity Coal, RAAM Global Energy and JW Resources.
Alpha and its affiliates will have offices in Julian, West Virginia, and Kingsport, Tennessee, supporting operations at 14 mining complexes in Central Appalachia.
About Alpha Natural Resources
Alpha Natural Resources has affiliate mining operations in West Virginia and Kentucky, and supplies metallurgical coal to the steel industry and thermal coal to generate power. Alpha is committed to being a leader in mine safety and an environmental steward in the communities where its affiliates operate. For more information, visit Alpha's website (www.alphanr.com).
SOURCE Alpha Natural Resources
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