As I travel back to Denver from Wyoming today amidst the reports of Arch Coal Inc. filing for bankruptcy, I can't help but think about the human toll these downturns of the energy industry take. Luckily, the Wall Street Journal is reporting that Arch "expects no significant layoffs in bankruptcy."
Folks in the energy industry – those in oil, gas, coal, and the extraction of other hard rock minerals – have always been a resilient bunch, forced to weather the ups and downs of a boom and bust business.
According to a press release issued by Arch Coal Inc., one of the U.S.'s largest coal producers, today, Arch filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Missouri.
The good news, according to the press release, is "Arch expects its mining operations and customer shipments to continue uninterrupted throughout the reorganization process." In addition, the press release states:
"The company intends to continue to pay employee wages and provide healthcare and other benefits without interruption in the ordinary course of business and to pay suppliers and vendors in full under normal terms for goods and services provided on or after the Chapter 11 filing date."
Arch has two mines in Wyoming's Powder River Basin, Black Thunder and Coal Creek Mine in Campbell County, Wyoming, and the West Elk Mine in Gunnison, Colorado.
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