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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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Company says falling coal prices prompted Chapter 11 debt relief

Coal prices plummeted to new lows in Louisiana and elsewhere this past year. A major coal production company in another state says this was the central factor that sparked its financial distress. The company recently announced that it has filed for Chapter 11 debt relief. In light of this announcement, many people have weighed in with opinions that perhaps there is more to the story.

Court documents reportedly show that the coal corporation in question has given copious amounts of money to certain entities they say are known for being activists against political climate change agendas. A vice president of government and public affairs at the coal company stated that no group who denies climate change has been funded by donations from the company. He further stated that the company did not make any donations that would be considered atypical for a coal production company.

The Chapter 11 debt relief filing comes after four years of falling coal prices. Several other coal companies in the United States have filed similar bankruptcy claims. While no two financial crises are exactly the same, it is not uncommon for major corporations to choose bankruptcy as a most viable option to obtain immediate debt relief and lay groundwork for a strong financial future.

Chapter 11 is a type of debt relief that is most often used to reorganize the financial structure of a business. While Chapter 7 bankruptcy typically liquidates assets, Chapter 11 allows the filer to retain ownership and even to stay open for business while a court-approved plan is implemented to pay back creditors. Questions regarding bankruptcy as a financial crisis solution can be directed toward an experienced Louisiana debt relief attorney. Such an attorney can also be on hand to help a business owner or homeowner navigate the system if a decision is made to file a claim. 


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