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.
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.)