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Montana coal mine owner gets another loan extension

Posted at 8:13 PM, Oct 05, 2018
and last updated 2018-10-05 22:20:26-04

BILLINGS- Westmoreland Coal Co. announced Friday it has obtained a loan extension through Monday.

The Denver-based, financially ailing coal firm filed notice Thursday with the Securities and Exchange Commission – that its lenders have agreed to give the company another extension on its loan payment. The loan had been due Friday.

Thursday’s filing with the SEC gives Westmoreland until next Monday to work out a new restructuring agreement with first lienholders and noteholders.

It’s the latest in a series of extensions Westmoreland has received this year as it tries to restructure its debt.

In addition to the Rosebud Mine at Colstrip, Westmoreland is also a partner in the Absaloka Mine near Hardin, and owns the Savage Mine located along the Montana/North Dakota border.

In 2016, Westmoreland was listed as the eighth largest U.S. coal producer. At Friday’s market close, Westmoreland shares were trading at 12 cents on the Nasdaq exchange.

-Jay Kohn reporting for MTN News