Walter Energy board nominees win backing from Glass Lewis

Fri Apr 12, 2013 9:39am EDT
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April 12 (Reuters) - Coal miner Walter Energy Inc said on Friday well-known proxy advisory firm Glass Lewis has recommended that its shareholders back its entire list of board nominees, over those put forward by activist investor Audley Capital.

The endorsement is a boost for Walter, which has been locked in a battle with the British hedge fund for two months. Audley is aiming to replace half of Walter's board at its April 25 annual meeting.

Audley has criticized the company for churning through chief executives and taking on too much debt at punishing interest rates. Walter has called the fund's campaign a "hit and run" designed to turn a quick profit.

Audley controls less than 1 percent of Walter, which produces metallurgical coal used by steelmakers, as well as some thermal coal, in Canada, the United States and the UK.