Arch Coal Inc., the second-largest coal miner in the U.S., said that it has chosen to extend by 30 days a $90 million in bond interest payments that was due today, Reuters reported. The company, which ended a proposed debt swap in October that was seen as key to delaying a potential bankruptcy, said that it plans to use the grace period to continue talks with creditors to restructure its balance sheet. Arch Coal, struggling under strict regulation and plummeting coal prices, had said last month that it could follow its smaller peers into bankruptcy in the near term, even if current talks with creditors yield a restructuring agreement. Competitors such as Walter Energy Inc., Alpha Natural Resources Inc. and Patriot Coal have all filed for bankruptcy this year.
