coal and truckKENTUCKY (10/3/19) — Murray Energy Corp., the largest underground coal company in the U.S., is facing possible bankruptcy.

Bloomberg reports the mine has failed to make several payments to lenders this week. Creditors are holding off on taking legal action until Oct. 14.

Murray Energy, headquartered in Ohio, lists it employs nearly 7,000 people and operates 17 mines of which 12 are underground in addition to 42 continuous mining units in Kentucky, Alabama, Illinois, Ohio Utah and West Virginia.

Cheaper natural gas and renewable energy sources have made it harder for coal mining companies to stay in business as coal generates less than 25 percent of the nation’s power.

SurfKY News

sitelogosm© Copyright 2008 - 2020 SurfKY News Group, Inc. All rights reserved.
This material may not be published, broadcast, or rewritten without permission.

Click here to subscribe to receive daily updates by email.

Save

Save

Save

Most Read This Week

Most Read This Month

Scattered Showers

43°F

Daviess, KY

Scattered Showers

Humidity: 79%

Wind: 11.18 m/h

  • 18 Feb 2020

    Rain 54°F 37°F

  • 19 Feb 2020

    Partly Cloudy 45°F 30°F

Weather brought to you by

Save

Market Report brought to you by

Market Report

Stories Trending Today

Save