Alpha Natural Resources Inc. shareholders felt blindsided when the firm filed for bankruptcy in August, raising suspicions that the coal company misled investors and was working with an inner circle of creditors before seeking chapter 11 protection, emails between Alpha and government attorneys show, and WyoFile Environment and Energy News reported today. The shareholders questioned whether Alpha — despite its “diverse asset base” and low debt compared to competitors — was working with an outside group of investors to break up the company. Once a top U.S. coal company, Alpha submitted chapter 11 papers Aug. 3, 2015, with $10.1 billion in assets and $7.1 billion in liabilities. Low natural gas prices, weak demand for coal worldwide and environmental regulations have pushed dozens of U.S. coal mining companies into bankruptcy in recent years. Obtained through a Freedom of Information Act request, emails between attorneys for Alpha and attorneys at the U.S. Trustee Program illuminate details of the firm’s finances, retirement plans, bonus structure, subsidiaries, overseas bank accounts and relationships with creditors. The company has not been accused of wrongdoing.
