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