Alpha Natural Resources Files For Chapter 11 Restructuring - Quick Facts

(RTTNews) - Coal supplier Alpha Natural Resources, Inc. (ANR, ANRZ) said that the company and certain of its wholly-owned subsidiaries filed voluntary petitions with the United States Bankruptcy Court for the Eastern District of Virginia in Richmond to reorganize under Chapter 11 of the U.S. Bankruptcy Code.

The company's board of directors authorized the filing of the Chapter 11 cases to enhance the company's future as it weathers a historically challenged coal market. The company noted that relief provided by Chapter 11 will allow it to reorganize and emerge as a financially viable business that is better positioned to compete in dynamic energy markets.

Alpha Natural Resources has secured an 18-month Debtor-in-Possession or DIP financing package totaling up to about $692 million, arranged by Citigroup, and led by a group of both its first and second lien lenders.

Alpha Natural Resources expects to work with all key constituencies to reorganize and exit Chapter 11 in the most efficient manner possible. The company's current management team is expected to remain in place to lead the company through the bankruptcy process.