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Westmoreland Coal gets another extension on restructuring agreement

Westmoreland Coal Co. reached agreements to again extend the restructuring support agreement deadline on its bridge loan, as well as forbearance periods on its notes and term loan, to Oct. 8, according to a Form 8-K filed Oct. 5.

Under the terms of a $110 million bridge loan offered by an ad hoc group of existing first lien and noteholders, Westmoreland is required to enter into a restructuring support agreement. The original deadline was Sept. 30, and a previous agreement extended it to Oct. 5.

The forbearance agreements are with certain holders of the company's senior secured notes due 2022, and with required lenders under a credit agreement dated Dec. 16, 2014.