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Murray Energy Settles Bankruptcy Fight With Rival Consol

Aug. 28, 2020, 5:35 PM

Coal giant Murray Energy Corp. agreed to settle a long-running dispute with creditor and competitor Consol Energy Inc., advancing efforts to sell its business out of bankruptcy and repay stakeholders.

Lawyers for Murray and Consol announced the deal during a telephonic hearing Friday with the U.S. Bankruptcy Court for the Southern District of Ohio, where Murray is seeking approval of a Chapter 11 plan to sell the business to a group of lenders who, in return, will forgive $1.2 billion of debt.

The settlement resolves a number of issues stemming from a Murray subsidiary’s 2013 acquisition of certain mining operations ...

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