Published
4 years agoon
CHARLESTON, W.Va. — A major U.S. coal mining company is seeking bankruptcy protection, joining a growing list of struggling coal operations as communities switch away from fossil fuel to less-polluting renewable energy or natural gas.
Ohio-based Murray Energy filed for Chapter 11 bankruptcy reorganization Tuesday.
Several other major coal producers have filed for bankruptcy protection this year, including Blackjewel Mining in West Virginia and Cloud Peak Energy in Wyoming.
Former Murray Energy CEO Robert Murray said the move was necessary to access liquidity and best position the company for long-term success.
Government preference for gas and renewable energy to replace coal-fired power generation, combined with a recent severe reduction in coal experts, delivered a one-two punch that an over-extended Murray Energy could not withstand, said Cecil Roberts, president of United Mine Workers of America.
“Now comes the part where workers and their families pay the price for corporate decision-making and governmental actions,” Roberts said in a prepared statement. “But that does not mean we will sit idly by and let the company and the court dictate what happens to our members and our retirees. We have high-powered legal, financial and communications teams in place that will fight to protect our members’ interests in the bankruptcy court.”
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