October 29, 2019
Giant coal producer Murray Energy has filed for bankruptcy.
The St. Clairsville, Ohio, company has an agreement to continue operations, though, as it restructures — and the arrangement includes President and CEO Bob Murray stepping down from those posts, however, but he will remain chairman of the board.
His nephew, Robert Moore, is expected to take up the president and CEO mantle.
US coal consumption has fallen to its lowest level in 40 years, though consumption has been increasing overseas in counties such as China and India.
Murray Energy has been in a buying mode the past few years, purchasing assets that greatly added to the company’s debt load, and the recent decline in coal prices has made it harder for Murray to cover those debt payments.