On Tuesday, Walter Energy, Inc. (NYSE:WLT)’s shares declined -4.52% to $0.239.
Walter Energy, Inc. (WLT) the coal producer whose market value has dropped by more than 99 percent in the past four years, plunged on news it could file for bankruptcy as soon as this month.
The shares tumbled by about a third to close at 30 cents in New York. It was the biggest decline since the stock started trading in 1995. The Birmingham, Alabama-based company’s market value slid to $24.2 million from $8.2 billion in July 2011.
Walter’s value soared four years ago following its debt-fueled acquisition of Western Coal Corp. for about $3 billion. Since then, the benchmark price of metallurgical coal has fallen by two thirds after Chinese demand cooled and Australia added new supplies. Patriot Coal Corp. filed for bankruptcy last month.
Walter is predictable to send a revised plan to first-lien lenders that comprises a request for a debtor-in-possession loan that would allow the company to operate while in bankruptcy, Bloomberg News stated Friday, citing two people with knowledge of the talk about.
Walter Energy, Inc. produces and exports metallurgical coal for the steel industry. It operates through two segments, U.S. Operations, and Canadian and U.K. Operations. The company also extracts, processes, markets, and/or possesses mineral reserves of thermal coal and anthracite coal, in addition to produces metallurgical coke and coal bed methane gas.
Amazon.com, Inc. (NASDAQ:AMZN)’s shares gained 0.85% to $427.26.
Amazon.com, Inc. (AMZN) declared M4 instances, the next generation of Amazon Elastic Compute Cloud (Amazon EC2) General Purpose instances. M4 instances deliver noteworthyprocessing power with custom 2.4 GHz Intel® Xeon® E5-2676 v3 Haswell processors, offer dedicated bandwidth to Amazon Elastic Block Store (Amazon EBS), and provide Improved Networking for higher packet per second (PPS) performance, lower network jitter, and lower network latencies. M4 with Improved Networking delivers up to 4 times the packet rate of instances without Improved Networking, while ensuring inconsistent latency, even when under high network IO. Within Placement Groups, Improved Networking reduces average latencies between instances by 50 percent or more. M4 instances are well-suited for a wide variety of applications counting relational and in-memory databases, gaming servers, caching fleets, batch processing, and business applications like SAP and Microsoft SharePoint.
Amazon.com, Inc. operates as an online retailer in North America and internationally. It operates in two segments, North America and International. The company serves consumers through retail Websites, such as amazon.com and amazon.ca, which primarily include merchandise and content purchased for resale from vendors and those offered by third-party sellers.
At the end of Tuesday’s trade, Cinedigm Corp (NASDAQ:CIDM)‘s shares surged 4.55% to $0.920.
Cinedigm Corp (CIDM) ) declared that it will release its fourth quarter and full year fiscal 2015 financial results for the period ended March 31, 2015, on Monday, June 29, 2015 after the market close. A conference call is planned the same day at 4:30 p.m. EDT. Details regarding the conference call dial in will be finalized shortly. Participating in the call will be Chris McGurk, Chief Executive Officer, Adam Mizel, Chief Operating Officer, and Jeffrey Edell, Chief Financial Officer
Cinedigm Corp. distributes independent movie, television, and other short form content in the Unites States. It manages a library of distribution rights to about 52,000 titles and episodes released across theatrical, digital, physical, home, and mobile entertainment platforms, in addition to services digital cinema assets on about 12,000 movies screens. The company operates in four segments: Phase I Deployment, Phase II Deployment, Services, and Content & Entertainment.
ITC Holdings Corp. (NYSE:ITC), ended its Tuesday’s trading session with 0.87% gain, and closed at $32.53.
ITC Holdings Corp. (ITC) declared it has filed a major permit application with the U.S. Department of Energy (DOE) for the ITC Lake Erie Connector merchant transmission line. The purpose of the DOE filing is to obtain the Presidential Permit necessary for international border-crossing projects.
The ITC Lake Erie Connector is a projected 1000 MW, bi-directional, High-Voltage Direct Current (HVDC) merchant transmission line that will provide the first direct link between the markets of the Ontario Independent Electricity System Operator (IESO) and PJM Interconnection, LLC (PJM). The ITC Lake Erie Connector will enable transmission customers to more efficiently access energy, capacity, and renewable energy credit opportunities in both markets.
ITC Holdings Corp., together with its auxiliaries, engages in the transmission of electricity in the United States. The company functions as conduit, allowing for power from generators to be transmitted to local distribution systems through its own systems or in conjunction with neighboring transmission systems. It owns and operates high-voltage transmission facilities in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, and Oklahoma.
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