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Walter Energy (WLT -12.8%) dives after Forbes reports the company withdrew a proposed $1.55B...

Walter Energy (WLT -12.8%) dives after Forbes reports the company withdrew a proposed $1.55B debt refinancing offer due to "market conditions." Other coal stocks are also off: BTU -4.5%. ACI -7.1%. CLF -3.5%. ANR -5.1%. OXF -3.1%. JRCC -3.3%. CLD -4.1%.
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Comments (8)
  • wigit5
    , contributor
    Comments (4331) | Send Message
    $ANR already did their refinancing so not sure why this news affects them...
    14 Jun 2013, 01:44 PM Reply Like
  • Stone Fox Capital
    , contributor
    Comments (7949) | Send Message
    No doubt... the market is not rational.
    14 Jun 2013, 02:08 PM Reply Like
  • wigit5
    , contributor
    Comments (4331) | Send Message
    I believe $JRCC already did theirs too if I'm not mistaken but I can't recall ....
    14 Jun 2013, 02:09 PM Reply Like
  • rjj1960
    , contributor
    Comments (1386) | Send Message
    Anyone here from S.A contributor Mark Anthony on the coals???? Looks like they are all going BK.
    14 Jun 2013, 01:57 PM Reply Like
  • wigit5
    , contributor
    Comments (4331) | Send Message
    He isn't a contributor anymore, but they aren't all going BK. I'm surprised Patriot thinks it will make it out of BK by the end of year but I don't expect to see any other BK short term. Most have moved debt around and refinanced. Bought time in other words to see if prices will turn
    14 Jun 2013, 02:03 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2844) | Send Message
    SA stopped publishing from him since all he ever said was that all the coal stocks were undervalued and that shale gas wasn't real.
    14 Jun 2013, 02:28 PM Reply Like
  • Mktneutralhedger
    , contributor
    Comments (1300) | Send Message
    Cloud Peak and Consol are financially very secure. BTU not that bad.
    17 Jun 2013, 12:01 PM Reply Like
  • tiger8896
    , contributor
    Comments (700) | Send Message
    I usually don't bottom fish on an analyst saying the news is an overreaction but in this case I think the Deutsche Bank analyst is right. Down 17% on a pulled debt offering by the company is a little much.


    I can see why WLT pulled it, the public would not buy that trash that they were trying to sell. Borrowing unsecured money to pay back their secured loans, they would have to give me 12-15% for that garbage. I'm sure they were offering a lot less than that for that paper.
    14 Jun 2013, 02:41 PM Reply Like
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