Murray Energy, The Largest Private Coal Mining Firm In The US, Files Bankruptcy
America’s largest private coal mining company announced this week that it is filing for bankruptcy, joining seven other coal companies to collapse so far this year.
According to The Week, Murray Energy filed for chapter 11 bankruptcy on Tuesday and has “formed a restructuring agreement with lenders and received $350 million in credit to continue operating.”
The company’s CEO, Robert Murray, will step aside but remain as the Murray Energy’s chairman, while former Chief Financial Officer Robert Moore will take his place as chief executive.
Murray has been a staunch ally of President Donald Trump and has persistently lobbied for a government bailout of the coal industry. Trump has made revitalizing the industry a major talking point of both his campaign and presidency, though CNBC reported last year that demand for coal is at its lowest level in four decades.