American coal giant goes bankrupt

American coal giant goes bankrupt

Murray Energy Corp., a giant in the coal industry, has filed for bankruptcy in Ohio. At the same time, the company announced that it had entered into a restructuring agreement with a group of creditors. Under the agreement, a new president has been appointed and a new company, Murray NewCo, will be established to take over the assets of the incumbent.

Experts indicate that the collapse of Murray Energy Corp. shows that renewable energy sources and natural gas have eliminated coal from the US energy market. This year, other coal-dependent companies also went bankrupt: Cloud Peak Energy, Cambrian Coal, Blackjewel and Blackhawk Mining.

Even in 2003, coal provided more than half of the energy generation in the USA.




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