By: Alayna Degenhardt
Murray Energy, the largest privately owned coal company in the US, chose to file for bankruptcy on October 29. The company has many operations across the United States and roughly 3,000 employees in West Virginia.
The Founder of Murray Energy, Bob Murray, has stepped down as CEO and now only holds a place on the board. What does the bankruptcy of Murray Energy mean to West Virginians?
West Virginia government officials voiced their concern with the news of Murray Energy. Senator Shelly Moore Capito said on Metronews, “The bankruptcy with Murray is a tragedy for our state.” The court showed Murray Energy as being $2.7 billion dollars in debt.
Murray Energy plays a big role in West Virginia’s economy and employment. Yearly, Murray Energy produces 76 million tons of coal. They also employee roughly 7,000 people, and plan to stay in operation under the Chapter 11 bankruptcy. Murray Energy has roughly $350 million dollars of cash on hand from a lending group to help them get through this time.
Senator Joe Manchin and the United Mine Workers of West Virginia continue to voice their concerns with the bankruptcy. They claim it will directly affect their pensions and benefits.
United Mine Workers President Cecil Roberts said, “Now comes the part where workers and their families pay the price for corporate decision-making and governmental actions. Murray will file a motion in bankruptcy court to throw out its collective bargaining agreement with the union.”
Senator Manchin has been pushing Congress for years for federal support for a national pension plan for miners. Senator Joe Manchin is past years use to auto tweet every morning, “support the miners pension!”
Other West Virginia residents have made comments saying “this will be the death for West Virginia,” and it could possibly if Murray Energy can’t get back on their feet. Miners could leave the state to find jobs elsewhere, and West Virginia’s economy could fall without the support of Murray.
Almost Heaven, Almost Hell 