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Bloomberg
Foresight Energy LP filed for bankruptcy protection after it was unable to turn a profit on coal mining anymore as power generators switched to cleaner and cheaper fuels.
The company, founded by the late billionaire Christopher Cline, is among a wave of US miners to file for Chapter 11 in recent years, including Murray Energy Corp, which owns a controlling stake and whose owner Robert Murray is an outspoken supporter of President Donald Trump.
The company listed between $1 billion to $10 billion in assets and liabilities in the same range in Chapter 11 documents filed in US Bankruptcy Court for the Eastern District of Missouri.
Foresight signalled it was in trouble when it suspended its quarterly dividend in May, and again on October 1 when it missed a $24.4 million interest payment. It hasn’t posted an annual profit since 2014, and matters were made worse by 2019’s unusually heavy rains.