One of oldest coal companies in US files for bankruptcy
Source: Washington Post
HELENA, Mont. One of the oldest coal companies in the U.S. filed for bankruptcy protection Tuesday to deal with more than $1.4 billion in debt amid declining demand for the fuel.
Englewood, Colorado-based Westmoreland Coal Co. filed for voluntary Chapter 11 protection in U.S. Bankruptcy Court in Houston as part of a restructuring agreement with an unnamed group of lenders.
Westmoreland, which operates mines across the U.S. and Canada, is the fourth major coal company to file for bankruptcy in the past three years, joining Peabody Energy Corp., Arch Coal and Alpha Natural Resources.
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Coal companies have struggled as demand drops due to a glut of cheap natural gas, the rise of renewable energy sources and plans by some states to reduce or eliminate coal from their energy portfolios.
Read more: https://www.washingtonpost.com/business/one-of-oldest-us-coal-companies-files-for-bankruptcy/2018/10/09/ec8d00e6-cbf2-11e8-ad0a-0e01efba3cc1_story.html?noredirect=on&utm_term=.80e62ef06a21
marble falls
(57,647 posts)sandensea
(21,738 posts)Like all his other promises.
Bengus81
(6,941 posts)Eh...they can go to work at Mattress Firm. Maybe Trump will tell them he'll base the Space Force in Montana..........
Rebl2
(13,621 posts)They are closing hundreds of stores. Like you said, so much winning!
Bengus81
(6,941 posts)that was the sarcasm.......
wellst0nev0ter
(7,509 posts)Big coal has done a lot to destroy this country
truthisfreedom
(23,169 posts)despite his idiotic attempts. We have no use for dirty coal with all of Obama's fracked natural gas! Except as stocking stuffers for the entire presidential family.
3Hotdogs
(12,475 posts)their ass on November 9th and the price of gasoline goes to over $100 per barrel.
Fuck. He was right. Already, I'm tired of all that winnning.
keithbvadu2
(37,066 posts)Trust Buster
(7,299 posts)Yo_Mama_Been_Loggin
(108,509 posts)kimbutgar
(21,290 posts)Montana repuke voters cant blame President Obama!
SCVDem
(5,103 posts)Another Superfund site for taxpayers will pay for.
That is, if we still bother to clean anything up at all.
ResistantAmerican17
(3,854 posts)Model to the country. Bankruptcy after bankruptcy after bankruptcy
AZ8theist
(5,542 posts)They could have taken advantage of Obamas' forward thinking in retraining for jobs of the future. Instead, they put their faith in an imbecile:
https://www.reuters.com/article/us-trump-effect-coal-retraining-insight/awaiting-trumps-coal-comeback-miners-reject-retraining-idUSKBN1D14G0
Now they're stuck. SAD!
That should be a lesson learned: Everything, I mean EVERYTHING Doturd touches turns to shit. EVERYTHING.
Nitram
(22,982 posts)BlueIdaho
(13,582 posts)When you declare bankruptcy on 1.4 billion dollars of debt, a whole bunch of your suppliers and underwriters are going to get stiffed. Its a pity they get to shit on all those creditors.
I guess Hillary Clinton was right after all.