The restructuring agreement, which must be approved by a judge, includes refinancing an outstanding loan and a "business transformation" meant to significantly increase cash flow, the company statement said, without providing details. The group of lenders that holds a majority of Westmoreland's debt also plans to bid for the company's assets, the statement said. An affiliated company, Westmoreland Resource Partners, is being sold off separately. Westmoreland was incorporated in 1854 in Pennsylvania. It has coal mines in Montana, Wyoming, New Mexico, Ohio, North Dakota and Texas, and a coal-fired power plant in North Carolina.