Another coal company may be bust.
According to a Bloomberg report on Thursday, Alpha Natural Resources is planning to file for bankruptcy as soon as Monday.
Bloomberg reports, citing sources familiar with the matter, that the company's senior lenders including Citigroup may give it another loan to see it through the bankruptcy.
Earlier this month, the Wall Street Journal reported that Alpha Natural was planning to file for bankruptcy. On the same day, Walter Energy filed for Chapter 11 bankruptcy so that it can resturcture its debt with lenders.
These are just two of several coal companies that have recently filed for bankruptcy. The price of mettalurgical coal crashed to the lowest in a decade last month; there's slowing demand for coal as more people turn to natural gas instead.
And according to Bloomberg, Alpha Natural could make a bakruptcy announcement early next week. The company hasn't earned a profit in five years, and will miss a debt payment of $109 million due August 1, the report said.
The company's shares have been delisted from the New York Stock Exchange for being too low. In the over-the-counter market on Thursday, they fell 23%.
Head over to Bloomberg for the full story »
NOW WATCH: Beautiful footage of Cecil before he was killed and why he was so important to Zimbabwe
See Also:
- Luggage has washed up on island where possible debris from missing Flight MH370 was found
- Rio's waters are so filthy that 2016 Olympians risk becoming violently ill and unable to compete
- A Cincinnati prosecutor has released the body-cam video of a shooting he calls 'the most asinine act' made by a police officer
SEE ALSO: The death of US coal