"Top Asset Manager Exits Coal Companies as Bankruptcy Looms"

"The world's largest asset manager has tapered its coal investments as waves of financial distress crash across the industry.

BlackRock Inc. cut its holdings in Walter Energy Inc. to 2.1 percent of the company's common shares, according to a filing with securities regulators last week. In January 2014, it held 5.8 percent. Birmingham, Ala.-based Walter filed for bankruptcy on Wednesday.

BlackRock also slashed its position in Alpha Natural Resources Inc. to 1.8 percent of the company, according to a filing last week. In January 2012, it held 12 percent of shares. Bristol, Va.-based Alpha is contemplating bankruptcy, and yesterday it was removed from the New York Stock Exchange."

Saqib Rahim reports for EnergyWire July 17, 2015.