“Together with our financial and legal advisers we are designing an improved capital structure for Westmoreland Coal and all of our subsidiaries. Our aim is to create a capital structure that better aligns with our cash flow and allows for an improved balance sheet.”
-Gary Kohn, Chief Financial Officer of Westmoreland
=&0=& is a company that produces and sells thermal coal across the US. On May 22, on May 23, 2018, WMLP opened at $1.34 and soared up to $4.55 before closing at $3.94 with a trading volume of over 10 million in comparison to a typical trade volume of only 40,000. While these extreme gains did not last, over the course of the week from May 23 when the forecast was posted to May 30, Westmoreland’s stock rose 52.99% in accordance with the I Know First Algorithm’s bullish prediction for the stock over this time horizon.
(Source: Yahoo Finance)
Westmoreland Resource Partners’ sudden surge was the result of an announcement on May 22 by its parent company, Westmoreland Coal, that the company had secured $110 million in financing. This money comes from a group of creditors which already held ~79% of its term loan and senior secured notes. This money will go towards providing additional liquidity as well as the repayment of other loans which will allow Westmoreland to simplify its capital structure which will contribute to its future success. The company has faced many financial struggles recently, so hopefully this new capital will allow them to more time to restructure and give the company a greater potential to succeed.
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This AUD/USD pair forecast article was written by Sherwin Seah, Analyst at I Know First.
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