Alpha Natural Resources said Tuesday it has emerged from Chapter 11 bankruptcy reorganization.
Now privately held, the company operates 18 metallurgical and thermal coal mines and eight prep plants in West Virginia and Kentucky. It will have offices in Julian, West Virginia, and Kingsport, Tennessee.
The company plans to leave its previous headquarters in Bristol, Virginia.
"By completing this restructuring, ANR emerges as a company with a solid financial foundation and a strong team to continue to mine and sell coal," said David Stetson, the new CEO of the company, in a press release.
"We are now also better positioned to satisfy ANR's environmental responsibilities," said Stetson. "I am confident -- even though coal markets continue to be challenged by both competitive and regulatory pressures -- the company created by our Plan of Reorganization will have the structure, resources and talent to successfully weather these challenges."
Stetson has previously held leadership positions with Trinity Coal, RAAM Global Energy and JW Resources, according to the Alpha release.
During its bankruptcy, Alpha sold its top mines -- the Eagle Butte and Belle Ayr mines in Wyoming and the Cumberland and Emerald mines in Pennsylvania -- and others to Contura Energy, a group of its lenders, in a $375 million stalking-horse deal.
In court documents, Alpha said it expected the remerged company to record a net loss of $55.5 million in the second half of this year and a net loss of $85.7 million in 2017 before earning a $7.5 million net profit in 2018.
Alpha filed for bankruptcy protection on August 3, 2015, with more than $3.7 billion of long-term debt obligations.
The company sold as much as 108.8 million st in 2012, but last had a profitable year in 2010, as it was unable to recover from declining coal markets and the debt stemming from its acquisition of Massey Coal in 2011.
