Murray Energy files for Chapter 11
Not even the President can re-write the rules of economics.
Murray Energy is the largest underground coal miner in the US and owner Robert Murray was a big donor to the Trump campaign. The President repeatedly touted that he was going to bring back 'beautiful, clean coal' but the company has continued to struggle.
The company employs 7000 people and will continue to operate in a restructuring of more than $2.7 billion of debt after a fresh $350m loan. Along with the parent company, nearly 100 affiliates also filed for Chapter 11.
Aside from the company's debt load, it's main problem is that power plants are increasingly turning to renewables and natural gas as the economics off both -- along with the environmental advantages -- change the playing field.
It doesn't sound like the pensioners are going to make out very well in this deal: