Coal giant files for bankruptcy protection

US top private coal miner Murray Energy files for bankruptcy

Murray Energy Corp. today announced it had filed for Chapter 11 bankruptcy protection, which the company said would allow it to access $350 million in new debtor-in-possession financing as it works with lenders to restructure.

"Although a bankruptcy filing is not an easy decision, it became necessary to access liquidity and best position Murray Energy and its affiliates for the future of our employees and customers and our long-term success", the company's founder and chief executive officer, Robert Murray, said in a statement.

The Murray mines will continue operation during bankruptcy as part of a new company-Murray NewCo.

Robert Moore was CFO at the company before being named CEO to replace Murray under the restructring plan. Robert Murray will remain as the company's chairman.

A Trump ally with influence on the administration, Murray in the first weeks of Trump's tenure presented incoming Cabinet members and other administration figures with a written wish list of environmental regulations he hoped to see knocked down to ease what he depicted as a regulatory burden on the sagging coal industry.

The bankruptcy had been brewing: Murray's Ohio-based company sought more time on debt payments due earlier this month, a choice that similarly preceded the bankruptcy filing of the Western miner Cloud Peak Energy Inc. earlier this year and the bankruptcy of coal giant Alpha Natural Resources 2015 (Greenwire, March 19).

In the wake of dwindling domestic demand for electricity-making thermal coal, Murray tapped export markets to stay afloat, however, a sharp drop in export prices proved too onerous for the company, prompting it to enter forbearance agreements with its creditors early this month.

Murray Energy, the nation's largest underground coal mining operation, produces about 76 million tons of coal annually, and holds 3 billion tons of coal reserves. But as coal generators close, that has posed challenges for the company's bottom line.

Bob Murray has been active in conservative politics in West Virginia and across the country. A Murray subsidiary operates seven mining facilities in Kentucky.

Everton boss Silva plays down injury concerns for Mina
Watford may use the game as an opportunity to give players from the U-23 side an opportunity, according to the club's official website .

West Virginia Senate President Mitch Carmichael said the bankruptcy filing was surprising even with the evident struggles in the coal business, adding that he's concerned about pensions and worker protections for the business' almost 7,000 employees.

According to the company, the restructuring agreement contemplates that substantially all of Murray Energy's debt will be eliminated.

West Virginia Senate President Mitch Carmichael described the filing as a surprise. He hosted a private fundraiser for the president's 2020 campaign earlier this year in Wheeling, W.Va., and donated almost $300,000 personally to the Trump Victory Committee in the most recent reporting period (Greenwire, Oct. 16).

Trump's gusto for "clean" and "beautiful" coal and coal miners helped to make Appalachian coal country one of Trump's most fervent bases of support as he racked up big wins in West Virginia, Ohio, Kentucky and other states. In the letter, he warned the White House that failure to issue the order would spark the immediate bankruptcies of his company and a major customer.

Murray's corporate headquarters is located just west of St. Clairsville in Belmont County, Ohio, while its American Energy Co. and Century Mine thermal coal site are situated near Beallsville in Monroe County, Ohio.

The Maryland Democrat also said he found the bankruptcy news puzzling given the administration's repeated promises to boost the coal industry.

The reorganization of top leadership is part of Murray Energy Corp.'s Chapter 11 bankruptcy filing, which came Tuesday.

The coal tycoon was also outspoken during and after the 2007 Crandall Canyon mine collapse in Utah that trapped six Murray miners, criticizing the miners' union and dismissing the Mine Safety and Health Administration's findings of multiple violations preceding the collapse.

Murray bought a controlling stake in Foresight Energy LP and acquired Armstrong Energy Inc. assets past year in the Illinois Basin, a region favorable for the export market (Greenwire, Jan. 25, 2018).

Related News:

Most liked

Black Friday Preview: Call of Duty Modern Warfare $15 Off
In order to get the game for $45, you also need to have a Rakuten account and be logged in at checkout to apply the coupon code. Infinity Ward have yet to clarify which missions are required to unlock this achievement, or when they will be released.

Klopp threatens forfeit of League Cup quarters
Liverpool will host Arsenal on Wednesday at Anfield in the Carabao Cup Round of 16. I saw it, he slipped when he lost the ball.

NASA has found the 'jack-o'-lantern nebula'
The violent encounter gives the system an arresting "ring" structure for only a short amount of time, about 100 million years. The green and red colors in the image are due to the different temperatures of the dust captured by Spitzer.

Taylor Swift to get AMA Artist of the Decade
During this time, Swift released five albums and countless songs about breakups, friendships and, of course, the Wests. She is the feminine artist in historical past to win essentially the most AMAs with 23 wins underneath her belt.

Tiger Woods equals world record for most career titles
Matsuyama crushed a drive down the middle of the 491-yard 17th and found the putting surface with his approach. The 2020 PGA Tour season has practically just begun, and it appears that fans are in store for a wild ride.

West Virginia sportsbooks take hit with Nationals capturing World Series
For people with ties to both the Houston Astros and the Washington Nationals , they had to decide where their true loyalty lies. But the incredible path these wild-card Nationals with the curly W logo took, well, no one could have imagined.

GOT's David Benioff & D.B. Weiss Exit Star Wars Deal
Netflix struck a deal with the established team following an intense bidding war with Amazon, Disney and HBO's WarnerMedia. Mark Hamill, Carrie Fisher and Harrison Ford on the set of Star Wars: Episode IV - A New Hope.

HBO Max: How Much Will the Streaming Service Cost?
The company has said HBO Max will become the "workhorse" for its video business as cord-cutting of traditional TV expands. That "alone will create word of mount marketing, momentum and buzz right out of the gate", Stankey said.

Ex-Rangers slugger Josh Hamilton faces child injury charge
Hamilton, 38, gave up Wednesday to the Tarrant County Jail in Fort Worth and was discharged in lieu of $35,000 bond. He was charged by Keller PD in Texas on Monday with injury to a child , elderly individual or disabled individual.

Grenfell report says there were 'systemic failings' in emergency response to blaze
Sir Martin said: "That decision could and should have been made between 1.30am and 1.50am and would be likely to have resulted in fewer fatalities".

Naomi Osaka withdraws from WTA Finals with shoulder injury
Andreescu thought she captured the most matches this year, while Halep forgot she held the world No. 1 spot this season. Barty plays Kvitova and Bertens faces Bencic and countbacks are likely to be needed to decide the final standings.

Man Climbs World's 14 Highest Peaks In Six Months
However, China proved to be the hardest to accomplish when Purja faced resistance from the Chinese government over the climbs. He also said that he wanted to use his feats to inspire the next generation of Nepali climbers to break his records.

Jason Momoa Makes Cameo on SNL With Hilarious Nipple Piercings
The biggest gag of the who sketch came at the end, when Gladys accused the gigolo of stealing her 'chandelier earrings'. Aquaman star Jason Momoa has revealed some behind-the-scenes photos of himself on the set of SNL .

Nationals vs. Astros - Game Recap
Turner had hit a soft ground ball fielded by Astros pitcher Brad Peacock , whose throw flew past first baseman Yuli Gurriel . HInch said he hopes home-field advantage will be back for his team, which won the most games during the regular season.

Five royal secrets revealed by the Queen’s dresser Angela Kelly
Kelly joked that when she delivered the good news to Boyle, he almost "fell off his chair" when he heard her incredible request. In the book, Kelly details how she traveled to Italy to source the lace and recreated the look in Britain.