Released October 29, 2019 | SUGAR LAND
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The self-touted largest underground coal mining company in the U.S. has filed for Chapter 11 bankruptcy protection. Murray Energy said Tuesday it made the filing in the U.S. Bankruptcy Court for the Southern District of Ohio.
Murray Energy said it had entered into a restructuring support agreement with some of its lenders holding more than 60% of about $1.7 billion in the mining company's liabilities.
The company said it intends to finance its operations during the bankruptcy proceedings with cash on hand and access to $350 million in a new-money debtor-in-possession facility, subject to bankruptcy court approval.
It also was announced that Former Chief Financial Officer Robert Moore will take over as chief executive officer. The position was formerly held by company founder Robert Murray. Under the restructuring agreement, Murray will remain chairman.
Murray Energy has long shown signs of fiscal distress and recently failed to make payments on outstanding loans. For related information, see October 8, 2019, article - Financial Woes Build for U.S. Coal Miner Murray Energy.
Industrial Info is tracking 20 Murray Energy mining plants in the U.S. and three planned capital projects worth $60 million. Click here for the list of projects.
The U.S. coal mining industry has been in decline over the past several years. For more information, see October 24, 2019, article - Coal Mine Closures Accelerate, and There's Scant Good News on the Horizon.
Murray Energy said it had entered into a restructuring support agreement with some of its lenders holding more than 60% of about $1.7 billion in the mining company's liabilities.
The company said it intends to finance its operations during the bankruptcy proceedings with cash on hand and access to $350 million in a new-money debtor-in-possession facility, subject to bankruptcy court approval.
It also was announced that Former Chief Financial Officer Robert Moore will take over as chief executive officer. The position was formerly held by company founder Robert Murray. Under the restructuring agreement, Murray will remain chairman.
Murray Energy has long shown signs of fiscal distress and recently failed to make payments on outstanding loans. For related information, see October 8, 2019, article - Financial Woes Build for U.S. Coal Miner Murray Energy.
Industrial Info is tracking 20 Murray Energy mining plants in the U.S. and three planned capital projects worth $60 million. Click here for the list of projects.
The U.S. coal mining industry has been in decline over the past several years. For more information, see October 24, 2019, article - Coal Mine Closures Accelerate, and There's Scant Good News on the Horizon.
