The company has also signed agreement with certain senior lenders on terms of a restructuring process.
As per the terms of restructuring plan, the senior lenders could convert all of their debt into equity, giving ownership to the senior lenders.
The company has been struggling with fall in coal prices since 2011, and has between 10,001 and 25,000 creditors.
Walter Energy’s operations in Canada and UK are not included in the bankruptcy filing.
The company said that it has sufficient cash to pay off the pending amount to vendors, suppliers and other business partners.
Walter Energy chief executive officer Walt Scheller said: "This restructuring plan provides a roadmap for Walter Energy to establish a sustainable capital structure, make further changes to operational cost drivers, and ensure that the Company can continue to operate safely and competitively in the years ahead."
"In the face of ongoing depressed conditions in the market for met coal, we must do what is necessary to adapt to the new reality in our industry."
