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Alpha Natural Resources reworks bankruptcy loan, nears Chapter 11 signoff

|About: Alpha Natural Resources, Inc. (ANRZQ)|By:, SA News Editor

Alpha Natural Resources (ANR) hammers out deals with creditors and representatives of its coal mine workforce in a bid to win court approval of a $692M bankruptcy loan.

After the bankruptcy loan ANR brought to court today marked a "dramatic change" from an earlier version that drew a volley of criticism, according to a lawyer for the group representing the coal company's unsecured creditors, the bankruptcy judge indicated he will sign off on the Chapter 11 financing deal.

Burdened with $4B in debt, ANR is trying to revamp its business to survive the slump in coal prices and avoid being pushed to the Chapter 11 auction block.

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