Bankrupt U.S. coal miner Arch Coal has broad support from senior lenders for a plan to cut $4.5 billion of debt, lawyers said in court yesterday, and urged any unhappy creditors to join negotiations, Reuters reported. Arch Coal, the second-largest U.S. coal miner, filed for bankruptcy on Monday, following peers Walter Energy, Alpha Natural Resources and Patriot Coal into chapter 11 protection in the midst of a prolonged slump in the coal sector. The Missouri-based miner, suffering from falling coal demand and stricter regulation, said in court that it now has the support of 66.3 percent of lenders for a proposal to cut debt and continue mining operations that span from Maryland to Wyoming.
