A coal company with mines in Kentucky and West Virginia has filed for Chapter 11 bankruptcy.
Blackhawk mining says in a release that the restructuring will allow it to eliminate more than 60 percent of its debt. The company has 10 mining complexes and mines metallurgical coal, which is used in the steelmaking process.
Blackhawk says the bankruptcy process should move swiftly and be completed in 60 days, with no disruptions to the company's 2,800 employees or its customers.
The privately owned company, based in Lexington, Kentucky, said Monday it has entered into agreements with about 90 percent of its lenders. The restructuring includes all of Blackhawk's wholly owned subsidiaries.
Blackhawk CEO Jesse Parrish says the bankruptcy plan "represents a significant step in our ongoing efforts to position Blackhawk for long-term success."
