Coal Giant Bankruptcy Signals 'Profound Shift' for 21st Century Energy Landscape

[eridani]

http://www.commondreams.org/news/2016/01/11/coal-giant-bankruptcy-signals-profound-shift-21st-century-energy-landscape

Arch Coal, the United States' second largest coal supplier, on Monday filed for bankruptcy, signaling what environmentalists described as the "end of an era" as the country moves to more renewable, less polluting energy sources.

"Arch Coal’s bankruptcy is the latest sign of a profound shift in America’s energy landscape," said Mary Anne Hitt, director of Sierra Club's Beyond Coal campaign.

Bloomberg reports: "The court filing listed $5.8 billion in assets and $6.5 billion in debt. The company has agreed to the terms of a $275 million loan to keep it operating during bankruptcy. The loan includes a $75 million carve-out for environmental reclamation obligations, according to court papers."

The announcement, which comes after five years of decline in Arch's stock price, marks the latest coal industry titan to fall as the global energy market is beginning to catch up with more climate-friendly regulations and demand.

Indeed, in a filing accompanying the Chapter 11 petition, Arch chief financial officer John Drexler took aim at the U.S. Environmental Protection Agency's emissions regulations, writing: "Over the past several years, a confluence of economic challenges and regulatory hurdles has hobbled the coal industry.