The owner of the New Elk coal mine near Trinidad, Colo., has filed for chapter 15 protection after the bottom fell out of its coal export market, the Denver Post reported today. Toronto-based Cline Mining Corp. is seeking court approval to reduce $55 million in debt by turning ownership of the company over to its secured lenders. Prices for metallurgical coal, also known as coking coal, reached $330 per metric ton in 2011. But amid a supply glut and declining world demand for steel, the price recently has hovered around $115.
