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U.S. Coal Giant That Pressed Trump for Bailout Faces Default

  • Murray failed to make multiple payments to lenders on Monday
  • Miner has struck forbearance agreements that expire on Oct. 14
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Photographer: Luke Sharrett/Bloomberg
Updated on

Murray Energy Corp., the U.S. coal giant that had pressed the Trump administration for help averting bankruptcy, may be headed toward default.

The largest closely held coal miner in America failed to make multiple payments to lenders this week, the company said in a statement on Wednesday. Creditors have agreed not to take legal action until Oct. 14, buying Murray some time to figure out how to shore up its balance sheet, the St. Clairsville, Ohio-based firm said.