Biggest Private Coal Miner Goes Bust as Trump Rescue Fails
By
Steven Church,Will Wade, and Jeremy Hill
October 29, 2019, 5:26 AM CDT Updated on October 29, 2019, 7:13 AM CDT
Robert E. Murray, the U.S. coal baron who pressed the Trump administration to help save America’s struggling miners, placed his company into bankruptcy as demand for the fossil fuel continues to weaken.
Murray Energy Holdings Co. filed for Chapter 11 protection in the U.S. Bankruptcy Court in Columbus, Ohio, to restructure more than $2.7 billion of debt. The miner -- the largest privately owned U.S. coal company -- reached a restructuring support agreement with a group of lenders that provides a new $350 million loan to keep operations going during the reorganization, according to the court filing.
https://www.bloomberg.com/news/articles/2019-10-29/biggest-private-coal-miner-goes-bust-after-trump-rescue-fails