Arch Coal has announced its new board of directors to take over responsibility for the company upon its emergence from Chapter 11 bankruptcy.
In addition to Arch’s CEO, John Eaves, the new board will comprise six independent directors, including Sherman Edmiston, recently Chief Restructuring Office at Xinergy, at a Central Appalachian thermal and metallurgical coal produce, and Richard Navarre, a former President of Peabody Energy.
Other directors include James Chapman, who brings more than 30 years of experience in investment banking, and Scott Fogal, a partner in private investment firm, Vogal partners.
Completing the line-up is Patrick Bartels, a Managing Principal at Monarch Alternative Capital, which focuses on investing in stressed and distressed companies, and Patrick Kreighauser, Executive Vice President and Chief Financial Officer at Sachs Electric Co. and former Senior Vice President and Chief Financial Officer at Arch Coal and director of Walter Energy.
“We look forward to welcoming a new board of independent directors with the right mix of experience and business acumen to help guide Arch in a rapidly evolving and highly dynamic market environment,” said Eaves.
The new board is subject to bankruptcy court approval of the company’s plan of reorgnisation. A hearing to consider the plan is scheduled to being on13 September.
Edited by Jonathan Rowland.