n" readability="31">Oct 27 (Reuters) - Arch Coal Inc moved closer to bankruptcy on Tuesday after it gave up on a debt swap proposal that had been aimed at boosting the coal miner's liquidity.
The company, which like all other coal miners has been struggling with a slump in coal prices, said it is currently working with creditors to restructure its balance sheet.
Arch's debt restructuring plan includes swapping existing debt for longer-term securities with the aim of reducing total debt and annual interest expenses by around 20 percent. (Reporting by Tracy Rucinski and Amrutha Gayathri; Editing by Saumyadeb Chakrabarty)
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