It's a high probability bankruptcy. To put things in context, their unsecured debt is trading at 28c on the dollar.
Ditto ACI and ANR. The coal industry needs to go through a major restructuring barring a serious spike in met coal prices. The equity in these companies is essentially an out of the money option on a turnaround. If you insist on investing in the coal space, I'd do it through 1st lien debt or a less dirty shirt like BTU.
