Don't Count on Coal Bankruptcies to Reduce America's Supply Glut
- Five publicly traded U.S. miners sought bankruptcy protection
- Surplus reaches 100 million tons, says Bloomberg Intelligence
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Not even bankruptcy is stemming the U.S. coal glut.
Production at coal miners that declared bankruptcy in the past four years rose 3 percent on average, through the third quarter, an analysis of four companies by Bloomberg Intelligence shows. Mines formerly owned by James River Coal Co. posted a gain of 31 percent. Stockpiles held by utilities ended 2015 at a six-year high, data from the Energy Information Administration show.