WASHINGTON (Sputnik) — Arch Coal joined a growing list of US coal companies forced into bankruptcy by the growing use of natural gas, the company said in a press release on Monday.
The company submitted its bankruptcy filing in an attempt to restructure $1.9 billion in debt while continuing to operate.
Patriot Coal, Walter Energy as well as Alpha Natural Resources were also forced into bankruptcy last year by the growing availability of natural gas, cheaper coal from Australia and slower demand from China, according to Bloomberg News.
Arch Coal also noted in the filing that US environmental regulations have made it more expensive for companies to use coal. The company blamed Environmental Protection Agency rules for causing coal-fired generators to close.