Coal ARBED International Trading of Baltimore, a major coal exporter, has reached an agreement with the troubled Jno. McCall Coal Export Co. to act as a broker for up to 2 million tons of coal a year for foreign customers of McCall.
McCall, one of the nation's top coal exporters and one of the largest privately owned companies in Baltimore, filed this month for protection from its creditors under Chapter 11 of the U.S. bankruptcy code. A few days earlier, creditors had filed for involuntary liquidation under Chapter 7.
Coal ARBED has reached an agreement with McCall to take over all of McCall's outstanding export contracts, which total 1 1/2 to 2 million tons a year for several years. The agreement was filed last week in bankruptcy court and must be approved by the judge, said James Roberts, president of Coal ARBED, a subsidiary of ARBED, a Luxembourg-based steel company.