One of the oldest coal companies in the U.S. filed for bankruptcy protection Tuesday to deal with more than $1.4 billion in debt amid declining demand for the fuel. Westmoreland Coal Co. filed for voluntary Chapter 11 protection in U.S. Bankruptcy Court in Houston as part of a restructuring agreement with an unnamed group of lenders. Westmoreland, which operates mines across the U.S. and Canada, is the fourth major coal company to file for bankruptcy in the past three years. Westmoreland has $770 million in assets and $1.4 billion in debt, according to the bankruptcy filing. Click here, here and here for the full story. ...
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American Tire Distributors, Inc. voluntarily filed for reorganization under Chapter 11. The company said that it has entered into a definitive agreement with approximately 75% of its bondholders on the terms of its recapitalization that would reduce the Company’s debt by approximately $1.1 billion and increase its financial flexibility as it continues its ongoing transformation. American Tire says it’s one of the biggest independent sellers of replacement tires, with more than 140 distribution centers in the U.S. and Canada and about 5,000 employees. The company, based in Huntersville, N.C., was thrown into disarray earlier this year when the ...
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Mattress Firm, the nation's largest mattress retailer, filed for Chapter 11 bankruptcy Friday and announced plans to close 700 "under-performing" stores. The company said it will quickly close 200 under performing stores and make decisions about whether to close or maintain the other 500 stores in the coming weeks. It currently has more than 3,300 stores in the United States. Mattress Firm expects to complete restructuring within the next 45 to 60 days and said all suppliers and contractors will be paid in full.  Click here, here and here for full story. ...
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