Documents suggest $12 million executive bonuses “deal” was made as the company severed its union contract and went after retiree benefits.
Justice Department lawyers claim that plans revealed in Alpha Natural Resources bankruptcy proceedings show the company is headed for a Chapter 7 ‘liquidation’ not a Chapter 11 ‘reorganization’.
Communities in the Powder River Basin of Wyoming and Montana are facing stormy economic futures as coal, the the region’s dominant industry, suffers enormous losses due to global market forces.
Peabody Energy Corp., the world's largest private-sector coal producer, and one of Wyoming’s largest producers, filed for Chapter 11 bankruptcy protection today, ending months of speculation about the company's future.
Arch Coal Inc. paid its top executives more than $8 million in bonuses the business day before the company filed for bankruptcy in January, according to U.S. Bankruptcy Court for the Eastern District of Missouri filings published last week.