Another coal company is filing for bankruptcy, and this time, it's the largest private coal miner in the United States.
Murray Energy has filed for chapter 11 bankruptcy protection after recently failing to make payments to lenders, CNN reports. The company has formed a restructuring agreement with lenders and received $350 million in credit to continue operating, it said Tuesday.
This, The Wall Street Journal reports, marks the "eighth coal company to collapse into bankruptcy over the past year," with the Journal writing that the filing is a "stark example of coal's diminished role in the U.S. energy sector."
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Murray Energy CEO Robert Murray is also stepping aside, being replaced as chief executive by former Chief Financial Officer Robert Moore, although Murray will stay on as chair. Murray is an ally of President Trump's who the Journal reports had been "relentless" in his lobbying of a federal bailout of the coal industry. Although Trump in a 2018 speech said that "coal is back," CNBC reports that last year, demand for coal reached its lowest level in four decades.
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