Colorado-based coal mining company considers bankruptcy protection
BILLLINGS, Mont. — A Colorado company with three coal mines in Montana and one in Wyoming says in a statement to shareholders that it may consider bankruptcy.
Englewood-based Westmoreland Coal Co. is facing declining demand and more than $1 billion in debt.
The company said in its recently released annual report that it may seek Chapter 11 bankruptcy protection from creditors and a reorganization of the company.
Yellowstone Public Radio reports that Westmoreland executive Jesse Noel said Thursday that the company has debt to restructure and he doesn’t know what’s going to happen.
Noel is Westmoreland’s director of environmental and regulatory affairs. He was participating in a discussion of coal and oil industry representatives at the invitation of U.S. Rep. Greg Gianforte.
The company has 14 mines and a power plant in the U.S. and Canada.
Moffat County is officially a player in a major natural gas export plan spanning several western states all the way to the Pacific Ocean.