Decline in demand has spelled trouble for companies like Arch Coal. It filed for bankruptcy protection eight months ago, and resolved final details Wednesday. The company started the process with more than $4.5 billion in debt.
The restructuring process left it with about $360 million in debt, and $300 million in cash.
The company manages the West Elk Mine in Gunnison County, a top producer in the state. But production has dropped off over the last year and as a result West Elk employs 160 fewer coal miners for a current total of 191. Several other coal companies have filed for bankruptcy protection recently as electric power companies opt to use cheaper and cleaner-burning natural gas.
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