Another Walter Energy Distressed Exchange

More good news from Walter Energy

"We have agreed to issue an aggregate of 3,900,000 shares of our common stock, par value $0.01 per share, and $5,200,000 in cash, in exchange for $52,000,000 aggregate principal amount of our 9.875% Senior Notes due 2020 (the "Senior Notes") held by two noteholders."

This is good, but they need to pick up the pace.