Application for bankruptcy of the largest private coal mining enterprise

Murray energy, the largest private coal mining company in the United States, filed for bankruptcy protection on the same day, CNN reported. Robert Murray, the founder, is a household name in the field of energy in the United States and one of the important supporters of President trump. CNN reported that "the CEO of this coal enterprise supports trump, and now his enterprise is bankrupt". Robert Murray is an important supporter of trump in the field of coal. Trump promised "we will let coal miners return to their posts" in the campaign, but he finally "broke his promise". The US coal industry is slowly dying, the report said. Previously, due to the inability to repay the debt, Murray energy and creditors reached a debt extension. But by the extension deadline, Murray energy still failed to pay its debts, and no investment institution had the willingness to invest to save the company.

After Trump came to power in 2016, environmental regulation was greatly relaxed. Even the new director of environmental protection agency of trump government has the background of coal industry lobbyists. In 2017, Robert Murray sent a letter to trump, calling on the government to take urgent measures to protect thermal power plants in danger of shutdown, thus protecting industries and jobs. But the appeal was not endorsed by the trump administration. On the whole, the deregulation of trump government can not resist the power of the market trend. Coal is difficult to compete with low-cost natural gas, and the price of renewable energy such as solar energy is also falling. What worries Americans even more is that Murray energy and its subsidiaries currently operate 17 mines in the United States, with 7000 employees, and the bankruptcy of the enterprise is bound to affect the lives of employees. In addition, Murray energy is currently the only large enterprise in the United mining workers' pension plan in the United States, and the failure of the company will inevitably make the pension plan more inadequate.