Arch Coal Inc., the second-largest coal miner in the U.S., and its domestic subsidiaries filed for chapter 11 protection to facilitate a restructuring with a group of lenders that hold more than 50 percent of its debt, Reuters reported today. Arch Coal said that it reached an agreement with its lenders that will eliminate more than $4.5 billion in debt from the company's balance sheet. Arch Coal is the fourth coal miner, after Walter Energy Inc., Alpha Natural Resources Inc. and Patriot Coal, to file for bankruptcy. The Missouri-based company was widely expected to go bankrupt after delaying a $90 million interest payment due in December last year.
