Robert Murray, the king of the coal industry and a forceful supporter of President Donald Trump, is fighting to save his mining empire from financial collapse
Murray Energy, America's largest private coal miner, recently failed to make payments to lenders. The company entered into a forbearance agreement that buys it time to negotiate a restructuring. That grace period is scheduled to expire after Monday.The cash crunch at Murray Energy, one of the most powerful and well-connected companies in the industry, underscores the enormous pressure facing the coal country. Countless coal companies have already filed for bankruptcy.
That led S&P Global Ratings to downgrade the company's credit rating to"default." In a statement last week, Murray Energy said it plans to use the grace period that expires after October 17 to consider its next steps.The company said it will talk to lenders about"various strategic options" aimed at easing its debt burden, improving its liquidity and achieving a"more sustainable capital structure."Murray Energy did not respond to a request for comment.
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