The firm’s demise comes in the middle of plummeting coal production, consumption, and export figures in the US, as the fossil fuel is weakened by natural gas and ever-cheaper renewables
Donald Trump’s promise to “end the war on coal” does not seem to have done the industry much benefit. One of the titans of the US coal industry filed for bankruptcy yesterday, becoming the latest prey of coal’s sharp reduction within the US energy mix.
Murray Energy – the biggest private coal miner in the United States – formally filed for bankruptcy defense, making it the eighth US coal company to go under in the past year. The firm publicized it has entered a restructuring agreement with lenders representing 60 percent of its $1.7bn in responsibilities. Its CEO Robert Murray – a Trump ally who had beforehand warned the President to temper his expectations for the US coal industry – will be substituted as CEO with Chief Financial Officer Robert Moore.
“Although a bankruptcy filing is not an easy conclusion, it became necessary to access liquidity and best position Murray Energy and its associates for the future of our employees and customers and our long term accomplishment,” Murray Stated in a statement. Murray Energy is amid the biggest coal companies in the US, employing 7,000 people and functioning 17 mines across West Virginia, Utah, Ohio, Kentucky, Illinois, and Alabama.
Its demise is the latest indication of the failure of President Donald Trump to deliver on his assurances to spur a restoration in the US coal industry.