Murray Energy, The Largest Private Coal Mining Firm In The US, Files Bankruptcy

Former CEO of Murray Energy, Robert Murray.Screengrab/Fox News/YouTube

JakeThomas

Murray Energy announced on Tuesday that it had filed chapter 11 bankruptcy and its CEO is stepping aside.

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.

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Comments (4)
No. 1-3
Katmandu1747
Katmandu1747

Good. It's about time. They have the wirst health and safety record on the planet!!!

Kradek
Kradek

This isn't about cash flow which is positive or profitability. It's about shedding liabilities particularly for mandated cleanup obligations while executives continue to collect fat checks and the mine companies pay management fees. Think of Murray as just another trump casino.

kanawah
kanawah

If it was "11", they are just trying to cover their financial asses, and that is bad for the employees and the world. (they dodge financial responsibility and keep mining) If it is 13, that is good because they are gone.


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