US-based miner Walter Energy, Inc. has announced that its wholly-owned subsidiary Walter Energy Canada Holdings, Inc., the holding company for the company's Canadian operations and Canadian subsidiaries, has obtained creditor protection under the Companies' Creditors Arrangement Act (Canada). Under the CCAA proceedings, it is expected that Walter Canada's operations will continue uninterrupted in the ordinary course of business. Walter Canada's Canadian and UK-based mines are currently idled as a result of market conditions.
The CCAA filing is intended to facilitate ongoing operations while Walter Canada pursues a marketing process for its Canadian assets and for its holdings in the United Kingdom, including assets owned by United Kingdom subsidiaries of Walter Canada.