The company had in June 2012 postponed all expansion plans following a decline in global coal prices and opened discussions in October with its stakeholders over a possible refinancing plan.
ATH has however stated in a press release that required capital may not be obtained to continue operating without a restructuring of the Group.
"Given the level of liabilities within the Company, it is unlikely that shareholder value will be maintained following any possible restructuring," the company release said.
The company is now open to bids for equity investment or acquire of the business.
ATH operates five surface coal mines in production in Dumfries and Galloway, East Ayrshire, Fife, Grievehill and Glenmuckloch in Scotland.
