Arch Coal Filed for Bankruptcy Today; Who’s Next?

You’re gonna have to make a long list. Lots of filings are coming, most of which are in that darn pesky commodity space that we all loved 5 years ago and went ahead and lent all of that money.

Here is a simple search inside Exodus of companies that Wall Street have declared dead. As you can see, ACI was in there.

By the way, ACI just fucked its bond holders, wiping away $4.5bill in debt.

Arch Coal, Inc. (NYSE: ACI) announced that it has reached an agreement with a majority of the lenders under its $1.9 billion first lien financing facility to significantly restructure the company’s debt load. Arch has entered into a restructuring support agreement with the members of an ad hoc group of lenders that hold more than 50% of the company’s first lien debt. Under the terms of the agreement, the lenders have agreed to support a restructuring transaction that will eliminate more than $4.5 billion in debt from Arch’s balance sheet and position the company for long-term success.

I love how these jackasses are always looking for ‘long term success’, after they lose everyone’s money. Why weren’t they positioning the company for long term success 2,4,6 years ago?

Back to my point. Here’s the list. I always keep a list. The amount of debt to get washed away is on the far right.

It’s the end of an era. Personally, I’m looking forward to PBR’s receivership. It should plunge Brazil into a headlong crisis, reminiscent of the dark ages.