A major U.S. coal mining company has emerged from federal bankruptcy protection under a new name and ownership group, the Associated Press reported. Murray Energy Holdings said its chapter 11 plan was approved last month in U.S. bankruptcy court in Ohio and became effective yesterday. The company said in a statement that it has completed the sale of its assets to an entity formed by former creditors. The new company, St. Clairsville, Ohio-based American Consolidated Natural Resources Inc. (ACNR), is the largest privately owned U.S. coal operator with active mines in Alabama, Kentucky, Ohio, West Virginia and Utah, the statement said. ACNR also has separate management services agreements to operate Foresight Energy mines in Illinois and Murray Energy subsidiary Murray Metallurgical mines. The new company plans to produce about 35 million tons of bituminous coal annually. In 2018, Murray Energy produced 46.4 million tons and was the country’s fourth largest coal producer, accounting for 6 percent of total production, according to the Energy Information Administration. The restructuring eliminated more than $8 billion of Murray’s debt and legacy liabilities, and it allowed the new company to access new financing, providing ACNR with enhanced financial flexibility, the company statement said.
