Arch Coal files for bankruptcy

Creve Coeur-based Arch Coal Inc. said Monday it filed Chapter 11 bankruptcy, announcing it reached an agreement to eliminate more than $4.5 billion in debt.

Kansas City-based UMB Bank is Arch Coal’s bond trustee, and the mining and processing company listed assets of $5.8 billion and debts of $6.4 billion in its filing.

The filing follows a delayed $90 million interest payment due last month and the cancellation of a debt swap. More than 70 company subsidiaries also filed bankruptcy, according to the St. Louis Business Journal.

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