Connect with us

Hi, what are you looking for?

CleanTechnica
With 19 mines in the US and in Canada, Westmoreland Coal Co. is the 6th largest coal company in America, but it recently filed for Chapter 11 bankruptcy.

Coal

6th Largest US Coal Company Files For Chapter 11 Bankruptcy

With 19 mines in the US and in Canada, Westmoreland Coal Co. is the 6th largest coal company in America, but it recently filed for Chapter 11 bankruptcy.

With 19 mines in the US and in Canada, Westmoreland Coal Co. is the 6th largest coal company in America, but it recently filed for Chapter 11 bankruptcy.

The Denver Post recently reported the company had $1.4 billion in debt. Westmoreland is based in Colorado, but has no mines there. North Dakota, Wyoming, New Mexico, and Montana are some of the states where it has mines.

Image via Wikipedia, in public domain.

“After months of thoughtful and productive conversations with our creditors, we have developed a plan that allows Westmoreland to operate as usual while positioning Westmoreland for long-term success,” said Westmoreland’s interim CEO, Michael Hutchinson.

The point of the chapter 11 bankruptcy is to restructure the debt with lenders to allow the company to continue operations. The company has almost 3,000 employees and reportedly does not expect to lay off any of them.

The Sierra Club released a statement about the filing, “Westmoreland’s declaration of bankruptcy is the latest clear signal that the coal industry is in an irreversible decline. With numerous coal companies facing bankruptcy in recent years, it is clear that further investments in coal are a mistake.”

The Kemmerer Gazette, a Wyoming newspaper, published an article about the possibility that retired workers from the company might have their pensions and healthcare coverage cut. “Because of their bankruptcy, Westmoreland now wants to throw out the contracts we’ve negotiated,” said Mike Dalpiaz, District 22 Vice President of the United Mine Workers of America.

Utility Dive reported that Westmoreland’s bankruptcy filing marks the 4th major US coal company to do so in the last several years.

One contributing factor to the bankruptcy was that several of the company’s key customers are not going to continue using coal, reported Wyoming Public Media.

Westmoreland was founded in 1854.

 
 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Advertisement
 
Written By

Hello, I have been writing online for some time, and enjoy the outdoors. If you like, you can follow me on Twitter: https://twitter.com/JakeRsol

Comments

You May Also Like

Bicycles

From Denver smog to jammed mountain highways, Colorado is focusing on transportation to solve congestion, pollution, and climate problems. The first in a series...

Clean Power

RMI releases climate scorecards that track progress of six key US states based on climate commitments and greenhouse gas emissions

Clean Transport

One of the biggest challenges in designing an EV is the limited battery capacity, and until relatively recently, it has kept most EVs on...

Climate Change

With a unanimous decision, the Colorado Public Utilities Commission (PUC) has approved Xcel’s plan to accelerate the end of coal in the state. The...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.