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Walter Energy to idle Canadian operations

Apr. 15, 2014 9:13 AM ETWalter Energy, Inc. (WLT) StockBy: Carl Surran, SA News Editor6 Comments
  • Walter Energy (NYSE:WLT) +3.3% premarket on news it will begin idling its Canadian operations, including the Wolverine and Brazion coal mines in British Columbia.
  • WLT will place Wolverine on idle status effective immediately, with Brazion expected to be idled by July 2014; ~700 employees will be laid off.
  • Expects to incur severance charges of ~$7M in Q2 in connection with the idling of the mines.

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