The Turnaround Square: Murray Energy

Join the team of professionals who helped save the largest privately owned coal company in the U.S., Murray Energy Holdings Co. In one of the most complex cases of 2020, Murray shed much of its $2.7 billion in funded debt and ~$8 billion in actual or potential legacy liabilities, providing its go-forward operations with a sustainable capital and cost structure. Most importantly, the business continues to employ more than 4,000 employees, including more than 2,500 union miners. Murray and its key stakeholders came together to reach consensual resolutions and save the business. Support from Murray’s lenders allowed the company to survive the economic collapse and fund a key affiliate’s bankruptcy, and reach a global settlement with the unsecured creditors’ committee and Murray’s founding family. With this support, Murray also addressed important environmental, antitrust, and other regulatory matters to ensure a smooth transition for the go-forward businesses. Learn what happened behind the headlines from the TMA professionals who earned a 2021 Turnaround & Transaction Award for their work.