Arch Coal Reportedly Taps Restructuring Advisers

(RTTNews) - Arch Coal Inc. (ACI) has tapped restructuring advisers to explore ways to reduce its multibillion-dollar debt load, the Wall Street Journal reported Friday, citing people familiar with the matter.

The St. Louis, Missouri-based coal producer is working with lawyers at Davis Polk & Wardwell LLP and financial advisers at Blackstone Group LP, the Journal quoted the people as saying.

Arch Coal is not planning a broad restructuring of its debt load through bankruptcy, and is looking to trim its debt through deals with bondholder groups.

Arch Coal said after the markets closed that it received notice from the New York Stock Exchange that it does not presently satisfy the NYSE's continued listing standard requiring the average closing price of a listed company's common stock to be at least $1.00 per share for any period of 30 consecutive trading days.