Foresight Energy LP filed for bankruptcy with plans to hand ownership to its creditors, becoming the latest coal company to fail as power generators switch to cleaner and cheaper fuels.
The filing in U.S. Bankruptcy Court for the Eastern District of Missouri is another sign that efforts to stem coal’s decline aren’t working. A wave of U.S. miners have filed for Chapter 11 in recent years, including Murray Energy Corp., which owns a controlling stake in Foresight. Its owner, Robert Murray, is an outspoken supporter of President Donald Trump, who has pledged to save the industry.
