White House Snub Sends Coal Miner Murray Energy's Bonds Plunging
- Company had sought order to keep customer’s plants open
- Request was made to prevent possible bankruptcy, Murray says
QuickTake: Trump Pushes Coal Revival
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Bonds of Murray Energy Corp. dropped deeper into distress on Thursday after the Trump administration denied the coal miner’s requests for an emergency order that the company said would help it avoid potential bankruptcy.
Murray, the largest closely held U.S. coal producer, had sought to help keep power plants in Ohio and Pennsylvania in operation. Those facilities are owned by FirstEnergy Solutions Corp., a large customer of Murray’s that’s “on the verge of bankruptcy,” according to letters from the coal company to the White House and the Energy Department.