BIRMINGHAM, Alabama – Stock in Birmingham-based Walter Energy Inc. closed down 17 percent today. Bloomberg News reports the steep decline followed a report in Forbes that the company chose not to follow through on a proposal to refinance $1.55 billion in debt.

Prices for metallurgical coal have fallen to the point that even low-cost producers can’t make money, Bloomberg reported, citing FBR & Co. analyst Mitesh Thakkar.

Walter stockholders in April rejected an effort, led by British hedge fund manager Julian Treger, to remake the board of directors.

The stock (NYSE: WLT) closed today at $12.15, down $2.54, or 17.3 percent.