Cash-Strapped Coal Giant Murray Energy Faces Liquidation
- Company has just $6 million of cash on hand: court papers
- Murray asks judge if it can cut payments to retirees
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Bankrupt coal miner Murray Energy Corp. could be forced to liquidate unless a federal judge lets it cut health-care payments to retirees, according to court papers.
Murray Energy, the largest private coal miner in the U.S., is asking the judge overseeing its Chapter 11 bankruptcy to let it shed certain health-care obligations in a bid to stave off a default under its bankruptcy loan and conserve cash, the court papers show.