Foresight Energy, the St. Louis-based coal producer, filed for Chapter 11 bankruptcy relief Tuesday, joining its parent coal company in efforts to restructure amid continued industry turbulence.
Foresight operates a handful of coal mines in the Illinois Basin.
Murray Energy, the large Appalachian coal company that owns a controlling stake in Foresight, entered bankruptcy proceedings last October. At the time, the move did not directly affect Foresight, although the company already faced its own financial challenges, such as a recently missed interest payment of $24.4 million.
Murray's unfolding bankruptcy proceedings have included additional warning signs for Foresight and its operations in Southern Illinois. Documents released by Murray last month signaled that the company had plans to shut down a Foresight mine in Macoupin County in the first quarter of the year "due to its inability to operate profitably and ongoing issues with coal quality."
Daily updates on the latest news in the St. Louis business community.