Westmoreland Coal Co. filed for bankruptcy protection yesterday with an agreement to sell the mining business to a group of lenders, subject to better bids, in a transaction intended to reduce its $1.4 billion in debt, WSJ Pro Bankruptcy reported. The Englewood, Colo.-based company and a handful of its affiliates, including Westmoreland Resource Partners LP, filed chapter 11 petitions in the U.S. Bankruptcy Court in Houston. The filing comes after Westmoreland warned in April that it could file for bankruptcy as it negotiated with lenders on ways to address its debt.
