Murray Energy is the latest casualty in the coal industry as consumers shift to cheaper and cleaner sources of power.
The company, which was the largest privately held coal company in the country, on Tuesday announced that it had entered into a restructuring agreement with its lenders.
The Chapter 11 filing didn’t come as a surprise. The company failed to make payments earlier this month, and CEO Robert Murray had been warning about the difficulties facing coal companies.
Robert Murray began working in coal mines at 16. He went on to found the St. Clairsville, Ohio-based company in 1988 and grew the company through a series of acquisitions.
At least seven coal…