One of oldest coal companies in US files for bankruptcy

[Roland99]

Source: Washington Post

HELENA, Mont. — One of the oldest coal companies in the U.S. filed for bankruptcy protection Tuesday to deal with more than $1.4 billion in debt amid declining demand for the fuel.

Englewood, Colorado-based Westmoreland Coal Co. filed for voluntary Chapter 11 protection in U.S. Bankruptcy Court in Houston as part of a restructuring agreement with an unnamed group of lenders.

Westmoreland, which operates mines across the U.S. and Canada, is the fourth major coal company to file for bankruptcy in the past three years, joining Peabody Energy Corp., Arch Coal and Alpha Natural Resources.

...

Coal companies have struggled as demand drops due to a glut of cheap natural gas, the rise of renewable energy sources and plans by some states to reduce or eliminate coal from their energy portfolios.

Read more: https://www.washingtonpost.com/business/one-of-oldest-us-coal-companies-files-for-bankruptcy/2018/10/09/ec8d00e6-cbf2-11e8-ad0a-0e01efba3cc1_story.html?noredirect=on&utm_term=.80e62ef06a21

[marble falls]

1. So much winning!

[sandensea]

2. Cheeto's promise to "bring back coal jobs" has turned into a lump of coal.

Like all his other promises.

[Bengus81]

3. Hmmm....Montana went 67.40% for Trump. Oh..the WINNING!!!!

Eh...they can go to work at Mattress Firm. Maybe Trump will tell them he'll base the Space Force in Montana..........

[Rebl2]

7. Probably not

They are closing hundreds of stores. Like you said, so much winning!

[Bengus81]

16. Yeah I know,they're closing every mattress firm in my city........

that was the sarcasm.......

[wellst0nev0ter]

4. Good

Big coal has done a lot to destroy this country

[truthisfreedom]

5. Sure saved those jobs, huh? Couldn't drag our energy use into the past

despite his idiotic attempts. We have no use for dirty coal with all of Obama's fracked natural gas! Except as stocking stuffers for the entire presidential family.

[3Hotdogs]

6. Well, at least soybean farmers are winning. And we all will win when Trump shoves Iran's oil up

their ass on November 9th and the price of gasoline goes to over $100 per barrel.

Fuck. He was right. Already, I'm tired of all that winnning.

[keithbvadu2]

8. Where's Rick Perry to save the day? Has he sobered up yet?

[Trust Buster]

9. Now the company can shed itself from it's pension obligations. Winning !!!!!!!

[Yo_Mama_Been_Loggin]

10. So is Trumpy going to bail them out?

[kimbutgar]

11. I thought the orange maggot would be the greatest jobs creator ever!

Montana repuke voters can’t blame President Obama!

[SCVDem]

12. Great,

Another Superfund site for taxpayers will pay for.

That is, if we still bother to clean anything up at all.

[ResistantAmerican17]

13. Drumph is certainly bringing his business

Model to the country. Bankruptcy after bankruptcy after bankruptcy

[AZ8theist]

14. I feel sorry for the minors who will lose their jobs, but...

They could have taken advantage of Obamas' forward thinking in retraining for jobs of the future. Instead, they put their faith in an imbecile:

https://www.reuters.com/article/us-trump-effect-coal-retraining-insight/awaiting-trumps-coal-comeback-miners-reject-retraining-idUSKBN1D14G0

Now they're stuck. SAD!

That should be a lesson learned: Everything, I mean EVERYTHING Doturd touches turns to shit. EVERYTHING.

[Nitram]

15. Glad to see Trump's campaign to resuscitate coal is a total flop.

[BlueIdaho]

17. Thanks for nothing...

When you declare bankruptcy on 1.4 billion dollars of debt, a whole bunch of your suppliers and underwriters are going to get stiffed. It’s a pity they get to shit on all those creditors.

I guess Hillary Clinton was right after all.