Nation’s Largest Private Coal Producer Goes Bankrupt

The Columbus Dispatch reports:

Murray Energy Corp., the U.S. coal giant that had pressed the Trump administration for help, has filed for bankruptcy.

The largest closely held coal miner in America failed to make multiple payments to lenders this month, prompting a deal with creditors that will see them make a “stalking horse” bid under Chapter 11 bankruptcy to exchange the company’s debt for its assets, the company announced Tuesday morning in a press release.

Murray Energy is the fifth major U.S. coal company to declare bankruptcy this year, as cheap natural gas and renewable energy resources cut into coal’s share of the U.S. power market. Coal once accounted for more than half of all U.S. power generation. Today, it’s less than 25%.