The Coal
Company Bankruptcies List started in 2014. Since then 6 other coal companies
have filed for Chapter 11 and 3 have recovered. Power companies moved from coal
to natural gas and were planning to replace coal until 2017. After 2013, global coal demand weakened. Chapter 11 Bankruptcies were filed as
follows:
Energy
Future Holdings 2014-closed
Alpha
Natural Resources 2015-2016 recovered
Peabody
Coal 2016-2017 recovered
Arch Coal
2016-2016 recovered
Westmoreland
Coal 2018
Cloud
Peak Energy 2019
Blackjewel
Coal 2019
On
8/1/19, Blackjewel filed for Chapter 11 Bankruptcy and announced an auction to
sell assets. On 8/5/19, there was a
“Sale Hearing”.
Blackjewel
owns 24 mining sites and has 1700 employees in Kentucky, Virginia, West
Virginia and Wyoming. Most of Blackjewel’s 1100 Appalachian employees are owed nearly $11.8 million in
payroll and taxes, as well as $1.2 million in employee retirement
contributions. They are blocking the railroad tracks to prevent coal from being
shipped from the Cumberland Kentucky plant until their back-pay issues are
resolved.
Blackjewel
has been unable to secure funding to pay its current bills. The War on Coal and
the conversion of power plants to natural gas has affected coal demand. Coal
companies are consolidating.
Bankruptcy
laws need to be revised and power companies need to renew their use of coal and
stop building expensive solar and wind.
Norb
Leahy, Dunwoody GA Tea Party Leader
No comments:
Post a Comment