Murray Energy – partnered with West Cumbria Mining change their name following bankruptcy

Last year, October 14th it was announced that West Cumbria Mining had entered into “an exclusive marketing and offtake agreement”  with Javelin Global Commodities ., The major stakeholder of Javelin is Murray Energy  

On October 29th the New York Times reported that Murray Energy had filed for bankruptcy.  

In July of this year it was revealed that Murray Energy had agreed to a new $45 million term loan facility from Silver Point Finance LLC. This allowed the company to exit bankruptcy with enough liquidity to consummate a restructuring plan. The company also disclosed a $15.7 million settlement with founder Robert Murray, his family and affiliated trusts, who were facing various allegations from creditors that they treated Murray Energy as their own “piggy bank” ahead of the bankruptcy.

FIRE FIGHT

Yesterday it was reported in the US press that Murray Energy have in a stroke of evil genius changed their name (rather like Windscale changing its name to Sellafield following the fire)

The Seattle Times reports : “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% 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.”

West Cumbria Mining are aligned with a corporation happy to use unethical bankruptcy rules leaving a massive trail of financial and environmental destruction.

At the same time as destroying businesses and lives the coal giant formerly known as Murray Energy has tried to quash any dissenting voices by taking out lawsuits including against the comedian John Oliver.

“Obviously, the lawsuit was a bullshit attempt to silence us,” Oliver said “perhaps best exemplified by a motion that Murray filed to try to get a gag order to prevent us from rebroadcasting the story or even having it up online.” (The piece is still online, “big time”, at www.stillontheinternetbigtime.com.)

The lawsuit was, unsurprisingly, dismissed by a West Virginia court last February, but Murray appealed the case to the West Virginia supreme court. The case languished there for over a year before Murray dropped it.

 Javelin was founded as a joint venture between Murray Energy Corporation and Uniper. (Uniper has interests in nuclear decommissioning and waste.)

West Cumbria Mining and Murray Energy

Up in Smoke – Photo by icon0.com on Pexels.com

West Cumbria Mining entered into “an exclusive marketing and offtake agreement”  with Javelin Global Commodities .whose major stakeholder is Murray Energy on October 14th .  On October 29th the New York Times reported that Murray Energy had filed for bankruptcy.  

West Cumbria Mining say that “The agreement will see Javelin purchasing 100% of WCM’s production output”.   The major stakeholder of Javelin Global Commodities is Murray Energy.  Javelin was founded as a joint venture between Murray Energy Corporation and Uniper. (Uniper has interests in nuclear decommissioning and waste.)

Now CNN business reports that:

‘Nervous and scared.’ Coal workers fear for pensions after Murray Energy bankruptcy

New York (CNN Business)

“Tom Kacsmar worked underground at a coal mine for nearly four decades. The promise of a decent pension and healthcare for life kept him at this dangerous job.

Now, Kacsmar fears those benefits will get washed away by the bankruptcy of Murray Energy, America’s largest private coal mining company.

I’m really worried. I know they are going to wipe away my pension.”

RYAN COTTRELL, WHO WORKS AT A WEST VIRGINIA COAL MINE OWNED BY MURRAY ENERGY

“I was a proud, hard-working coal miner my entire life. With the stroke of a pen, they’re going to cut my healthcare,” the 76-year-old retiree told CNN Business.

Kacsmar never worked a day for Murray Energy, the mining giant founded by coal king Robert Murray. But like countless other retirees, the fate of his benefits is inextricably linked to the company, which is seeking to “dramatically” slash its liabilities, including $8 billion of pension and retiree healthcare obligations.”

Major force behind Javelin Global Commodities – the new partner of WCM has now gone into the US bankruptcy procedure….hot off the press

West Cumbria Mining entered into partnership with Javelin Global Commodities whose major stakeholder is Murray Energy on October 14th.

Today the New York Times reports….

Murray Energy Is 8th Coal Company in a Year to Seek Bankruptcy

A bulldozer moving coal at the Murray Energy Corporation port facility in Powhatan Point, Ohio.Credit…Joshua Roberts/Reuters

By Clifford Krauss

• Oct. 29, 2019Updated 2:50 p.m. ET

 

Murray Energy, once a symbol of American mining prowess, has become the eighth coal company in a year to file for bankruptcy protection. The move on Tuesday is the latest sign that market forces are throttling the Trump administration’s bid to save the industry.

The collapse of the Ohio-based company had long been expected as coal-fired power plants close across the country.

Its chief executive, Robert E. Murray, has been an outspoken supporter and adviser of President Trump. He had lobbied extensively for Washington to support coal-fired power plants.

Mr. Murray gave up his position as chief executive and was replaced on Tuesday by Robert Moore, the former chief financial officer. Mr. Murray, who will remain chairman, expressed optimism that the company would survive with a lighter debt load.

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“Although a bankruptcy filing is not an easy decision, it became necessary to access liquidity,” he said in a statement, “and best position Murray Energy and its affiliates for the future of our employees and customers and our long-term success.”

Murray, the nation’s largest privately held coal company, has nearly 7,000 employees and operates 17 mines in six states across Appalachia and the South as well as two mines in Colombia. It produces more than 70 million tons of coal annually.

But with utilities quickly switching to cheap natural gas and renewable sources like wind and solar power, Murray and other coal companies have been shutting down mines and laying off workers. Murray’s bankruptcy follows those of industry stalwarts like Cloud Peak Energy, Cambrian Coal and Blackjewel.

Murray was most closely identified with Trump administration promises to reverse the industry’s fortunes.

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Mr. Murray contributed $300,000 to Mr. Trump’s inauguration. Shortly after, he wrote Mr. Trump a confidential memo with his wish list for the industry, including shaving regulations on greenhouse gas emissions and ozone and mine safety, along with cutting the staff at the Environmental Protection Agency by at least 50 percent. Several of the suggestions were adopted.

 

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