NEW YORK (TheStreet) -- Arch Coal (ACI) shares are down 9% to 60 cents per share in early market trading on Tuesday following reports that the company is in talks with restructuring advisers as it looks to reduce its debt, according to the Wall Street Journal.
Bankruptcy protection is not being pursued however, according to Journal sources, but the company is looking for a broad restructuring of its debt as natural gas gains in popularity and exports to China continue to fall.
The company is reportedly in discussions with holders of its bonds due in 2020.
Separately, Arch Coal released a statement Friday saying that it no longer satisfies the minimum standards necessary to be listed on the New York Stock Exchange.
The company received a delisting notice from the NYSE stating that the stock has been below $1 per share for a period of over 30 consecutive trading days. The company responded to the notice by stating that it will submit a plan to restore its compliance within the six month period that it is eligible to do so, according to an SEC filing Friday.
The company will remain listed on the stock exchange during the six month grace period.
Credit Suisse started coverage on the St. Louis-based company today with an "underperfom" and 50 cent price target.
The company last released its quarterly earnings results on April 21, reporting a net loss of 54 cents per share that missed analysts' expectations by 6 cents. Revenue of $677.00 million also missed analysts' $731.82 million.