the Largest coal company in the United States Murray Energy Corp. declared bankruptcy amid the ongoing fall in world demand for coal. On Tuesday, the company Robert Murray appealed to the court for protection from creditors under Chapter 11 of the bankruptcy Code of the United States to restructure debt worth more than $ 2.7 billion, according to a press release, Murray Energy.
In August of 2017 Robert Murray, a staunch supporter of trump, wrote a letter to his administration's imperative to take urgent order on the protection of the coal-fired power plants from shutting down. In the letter he warned the White house that failure to comply with its requirements will result in immediate bankruptcy of the company and of all other coal mines of the United States.
"Our time is running out. Please fight for us," wrote Executive Director in the letter.
the administration, However, trump dismissed the cry for help, because the officials decided that there was not enough evidence to justify the use of emergency powers.
Elections of the President of Donald trump in 2016 has raised hopes in the coal industry, for revival. The President is rapidly cut environmental regulations and even appointed former coal lobbyist at the head of the Agency for environmental protection of the United States. But in the struggle of the bureaucracy and the market won market. Coal just can't compete with cheap natural gas and the cost of solar, wind and other renewable energies.
Energy companies in the US is rapidly abandon coal in favor of cleaner alternatives. It is expected that next year, American power plants will consume less coal than ever.
estimates of the energy information Administration, US coal exports from the country in the third quarter decreased to 20.9 million tons. This is 28% less compared to the same period of 2018. The Agency expects that coal exports will continue to fall, reaching 17.3 million tonnes by the end of 2020.
Miners can lose in case of bankruptcy not only in workplaces, but also, perhaps, by reducing health and pension benefits. Murray Energy is the latest big company who have made contributions to the retirement Fund United Mine Workers of America.
