Coal Giant Murray Energy Declares Bankruptcy, Miners and Taxpayers May Get the Shaft
For the fifth time this year, a major coal company — this time Murray Energy — declared bankruptcy, despite all the President’s efforts to buoy the dying industry. The company will get to continue to operate even as it restructures is 2.7 billion in operating debt. But The Washington Post reported that according to its bankruptcy court filings, Murray Energy may seek relief from its $8 billion in pension debt and future payments into a federal fund for miners’ pensions and that relief for Murray would result in the depletion of the retirement fund for all 90,000 miners (most of whom are retired) across the country by 2020.
Why This Matters: The bottom line is that the coal industry’s success in getting Trump to lift environmental rules did not result in enough savings to make these coal companies solvent. So everyone (other than coal company executives) loses — the workers, the people who are stuck living near the denuded mess after these mines shut down, and taxpayers who will ultimately pay for both.
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