Bankruptcy of Trump donor's coal company is bad news for retired coal miners
The bankruptcy of the coal company owned by Robert Murray, a major donor to President Trump, isn't just another sign of struggle for the U.S. coal business. It is also a troubling development for tens of thousands of former coal miners, whose pension plan is floundering to stay afloat.
Murray Energy Corp., the nation's largest private coal giant, filed for Chapter 11 protection on Tuesday, Taylor Telford and I reported Tuesday. That move makes it the fifth coal company to land in bankruptcy court in 2019 as coal is being being squeezed out of the U.S. power market by cheaper options such as natural gas, solar and wind power.
The long-anticipated bankruptcy proceedings also put the United Mine Workers of America’s already fragile and underfunded pension plan on even shakier ground, The situation could potentially spur a divided Congress and Trump, who has championed coal workers, to bail out the miners. Currently, Murray Energy pays into the pension plan for UMWA, which represents a large chunk of the company's full-time employees.
"Hopefully, it will accelerate the legislative process," said Phil Smith, head of government affairs for UMWA, which represents a large chunk of Murray Energy’s full-time employees.
https://www.washingtonpost.com/news/powerpost/paloma/the-energy-202/2019/10/30/the-energy-202-bankruptcy-of-trump-donor-s-coal-company-is-bad-news-for-retired-coal-miners/5db86e5688e0fa5ad928db8c/
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