Robert Murray, the 77-year-old founder and CEO of Murray Energy Corporation. Photo: Andreas Hoenig/picture alliance via Getty Images

Murray Energy, the country's largest privately held coal company and third largest U.S. coal producer, announced Tuesday that it has filed for Chapter 11 bankruptcy protection.

Why it matters: The filing, the latest in a string of coal sector bankruptcies, underscores how power markets are moving away from coal in favor of natural gas and renewables.

Context: Coal, which once provided well over half of U.S. electricity, is at around 25% of the power mix today and it's slated to be 22% next year, per Energy Department data.

  • The industry's woes also signal how Trump administration plans to prop up coal-fired power plants have yet to come to fruition.

Where it stands: Via Bloomberg, the filing is aimed at restructuring more than $2.7 billion worth of debt, and the bankruptcy court filing shows that it has reached a "support agreement with a group of lenders that provides a new $350 million loan to keep operations going during the reorganization."

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Updated 18 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 20,158,258 — Total deaths: 738,063 — Total recoveries: 12,388,686Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 5,116,791 — Total deaths: 164,137 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. 🏈 Sports: Big Ten scraps fall football season due to coronavirus.
25 mins ago - Sports

Big Ten postpones fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten announced Tuesday that it has voted to postpone its 2020 fall sports season, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from one of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.

13 of Biden's former rivals to appear together at Democratic convention

Democratic presidential candidates at the primary debate in Charleston, SC. Photo: Win McNamee/Getty Images

In a show of unity at the Democratic National Convention, 13 of Joe Biden's former 2020 challengers will appear via video to talk about the party's vision for the country and how they'll work with Biden to get it done.

Why it matters: Coalescing around Biden and his eventual running mate will help Democrats head into the general election against President Trump with a united front — unlike what they did in 2016.