CORRECTED-UPDATE 3-Arch Coal to delay bond interest payment as bankruptcy looms (Dec. 15)

Wed Dec 16, 2015 8:12am EST
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(In Dec. 15 story, corrects analyst's name in paragraph 13 to Zachary Bader from Zach Bader)

* Co says has 30 days to continue talks with creditors

* Co may file for bankruptcy this year-BB&T Capital Markets

* Shares rise as much as 35 pct

By Amrutha Gayathri

Dec 15 (Reuters) - Arch Coal Inc, the second-largest coal miner in the United States, delayed a $90 million interest payment that was due Tuesday, pushing back a widely expected bankruptcy filing.

The company's shares shot up nearly 35 percent to $1.20.

"It tells you how bad things have become when hanging on becomes a victory," analysts at BB&T Capital Markets wrote in a note. "This year, an ACI filing looks like a near certainty."

The company was widely expected to file for bankruptcy by Tuesday.   Continued...