St. Louis-based coal producer Foresight Energy LP (NYSE: FELP) filed Chapter 11 bankruptcy Tuesday, saying it has reached an agreement with lenders holding more than 73% of its $1.4 billion in debt.
The company said it will finance operations throughout the bankruptcy process with cash on hand and access to a $100 million debtor-in-possession financing facility.
Foresight CEO Robert Moore said in court documents that the international coal market “has come under additional pressure as the result…