Murray Energy Holdings, a major coal mining company in the United States, has received approval from the Ohio U.S. Bankruptcy Court to change its name to ACNR (American Consolidated Natural Resources) and has completed asset restructuring to avoid bankruptcy.
The company said it has completed the sale of its assets to an entity composed of former creditors. The headquarters of the new company ACNR will be located in St. Clairville, Ohio.
ACNR also has a separate managed service agreement to operate the Foresight Energy mine in Illinois and the Murray Metallurgical mine, a subsidiary of Murray Energy.
The new company plans to produce approximately 35 million tons of bituminous coal each year. According to data from the Energy Information Administration, the company produced 46.4 million tons in 2018, making it the fourth largest coal producer in the country, accounting for 6% of total production.
The reorganization statement eliminated Murray's debts of more than $8 billion and legacy debt, and allowed the new company to obtain new financing, providing ACNR with enhanced financial flexibility.