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Coal: Bankruptcies and more layoffs

For one CEO in the coal industry, bankruptcies and more layoffs are on the way to his company’s mines.

During the North American Coalbed Methane Forum, Murray Energy Corp. Founder and CEO Robert Murray said in a speech that he expects there to be a coal bankruptcy disclosed and that the entire industry will begin restructuring, which will in turn put several mining jobs on the line.  Murray explained how the coal industry has three fates it could face:

Every major coal company in this country is either going to be broken up or sold or in bankruptcy except two. And I hope I am one of them. And it will happen by the end of next year.

As reported by the Pittsburgh Business Times, “Murray said he believes that as a result of bankruptcies, six of the nation’s 45 longwall operations will be brought to a halt. Of the remaining 39, Murray would have 17, he said.”  He also explained more layoffs will happen at his own mines.  Currently, Murray Energy employs about 8,600 people, but after recent layoffs that number has dropped to 7,500.  Murray did not share anything regarding the company’s future plans.

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