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The news made Walter shares fall by about one-third on Monday night to 30c in what was the biggest ever daily fall for the stock.
With the coal miner not making a profit over the past four years the plunge also took the market cap to new depths of $US24.2 million compared to the $8.3 billion it had in the coal booming times of July 2011.
鈥淲alter is expected to send a revised plan to first-lien lenders that includes a request for a debtor-in-possession loan that would allow the company to operate while in bankruptcy, Bloomberg News reported on Friday, citing two people with knowledge of the discussions,鈥� the newswire reported.
Walter has reportedly not commented on this report.
Cowen and Co analysts Daniel Scott and Bryan Bergin, in a client note on Monday, said the news should not be surprising .
鈥淪everal coal management teams are faced with increasingly difficult decisions as coal market conditions show few signs of a nascent recovery,鈥� they said.
