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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."

Go deeper:

Go deeper

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: The good and bad news about antibody therapies — Fauci: Hotspots have materialized across "the entire country."
  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
  8. 🎧Podcast: The vaccine race turns toward nationalism.
Dan Primack, author of Pro Rata
Updated 6 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

Ina Fried, author of Login
8 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.