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Murray Energy Risking Default

Coal News - Published on Wed, 01 Apr 2020

Image Source: Murray Energy
Coal supplier Murray Energy Corp said its business has taken a severe hit from “historically bad” coal markets and the coronavirus pandemic, pushing the bankrupt company close to liquidation. According to court papers, Murray Energy Corp has just USD 6 million of cash on hand and the coal miner is concerned it’ll default on its bankruptcy loan if it can’t cease certain retiree health-care payments and may be forced to liquidate if it can’t soon shed the obligations. Company is asking permission to cease retiree health-care payments under its individual employer plan, which would save it USD 200,000 per day

Retirees wouldn’t be harmed because their benefits are backstopped by US government

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Posted By : Yogender Pancholi on Wed, 01 Apr 2020
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