Ohio-Based Coal Mining Company Seeking Bankruptcy Protection
ST. CLAIRSVILLE, Ohio (AP) -- A major U.S. coal mining company is seeking bankruptcy protection.
Ohio-based Murray Energy filed for Chapter 11 bankruptcy reorganization Tuesday.
Former CEO Robert Murray said the move was necessary to access liquidity and best position the company for long-term success.
Many coal companies are struggling as communities have switched from the fossil fuel to less-polluting renewable energy or natural gas.
Several other major coal producers have filed for bankruptcy protection this year, including Blackjewel Mining in West Virginia and Cloud Peak Energy in Wyoming.
Robert Murray is a major backer of President Donald Trump, who has made saving coal jobs a key part of his campaign. Murray hosted a fundraiser for Trump in July, which had been expected to raise $2.5 million.
The company announced Tuesday that Robert Moore will replace Murray as CEO.
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