U.S. coal producer Alpha Natural Resources (ANRZ) has joined the ranks of three other coal companies that filed for bankruptcy in a span of 15 months, CBS News reported on August 3.
ANRZ, which operates approximately 60 coal mines in the country, seeks bankruptcy protection amid plummeting prices of coal used for electricity. The drop is mainly because of the improved liquefied natural gas (LNG) drilling processes and technologies, which boosted the production of LNG. Players in the coal industry are also having a difficult time due to more stringent clean air regulations.
The company filed for bankruptcy with the U.S. Bankruptcy Court for the Eastern District of Virginia. It hopes that the move will allow it to proceed with its operations as normal.
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