Joele Frank has picked up bankruptcy PR assignments from Arch Coal and Sherwin Alumina.
Arch Coal, the No. 2 US coal producer and based in St. Louis, filed for bankruptcy protection on Jan. 11 to pursue a reorganization plan as it faces a $485M environmental cleanup in Wyoming. The company landed a $275M bankruptcy loan, but lenders are only on the hook for $75M of the cleanup cost.
The company, which plans to continue operating, said it had $600M in cash and short-term investments as of its filing.
Sherwin is the 62-year-old Texas-based aluminum oxide producer that also filed for Chapter 11 protection on Jan. 11. It is a unit of Glencore Plc.
The company, which cited the ongoing commodity pricing crunch for the restructuring, has set forth on a stalking horse asset sale plan to an affiliate of its senior secured lender and expects to emerge debt-free.
Sherwin also plans to continue operations through bankrupcty.
Joele Frank's New York office is handling PR counsel for both companies.
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