Westmoreland Coal co., one of the largest coal miners and distributors in the country, has gone bankrupt. The company announced on October 9th that they have filed for chapter 11 bankruptcy with the US Bankruptcy Court. According to their filing, the company is currently in debt for $1.4 billion USD.
With a 164-year lifespan and operations in Wyoming, Montana, and New Mexico, Westmoreland is the sixth largest coal operation in the United States. Due to current concerns about climate change, as well as the growth in renewable energy and natural gas, demand for coal has been at an all-time low.
During Westmoreland’s bankruptcy hearing, the company’s chief restructuring officer, Jeffrey Stein, acknowledged that “coal mining businesses across the U.S. and around the world are feeling pressure as a result of a variety of macroeconomic factors, and the fate of many of these companies is yet to be determined.”
Environmental group The Sierra Club believes that, despite the efforts of President Trump to roll back regulations on greenhouse gas emissions, Westmoreland’s bankruptcy is a clear sign that the coal industry’s decline is irreversible.
