BECKLEY, W.Va. — In a conference call with analysts Monday morning, Arch Coal confirmed rumors that it may have to file for bankruptcy protection in the “near future” as the industry continues to struggle with declining sales and demand.
With the industry in crisis, the St. Louis-based company reported bigger than expected losses during the third quarter, yet, it still beat Wall Street expectations as its shares rose slightly.
The company cited “extremely challenging current market conditions” for its need to restructure its balance sheet, according to a filing with the U.S. Securities and Exchange Commission.
Arch Chief Executive John W. Eaves said the company is seeking a “significant restructuring” of its balance sheet, as cash flow “is not sufficient to service our debt sustainably…
