Bankruptcies fail to cut US firms' coal supply glut

Chicago

NOT even bankruptcy is stemming the US coal glut. Production at coal miners that declared bankruptcy in the past four years rose 3 per cent on average, through the third quarter, an analysis of four companies by Bloomberg Intelligence shows.

Mines formerly owned by James River Coal Co posted a gain of 31 per cent. Stockpiles held by utilities ended 2015 at a six-year high, data from the US Energy Information Administration show.

Some of the failed companies have restructured debt. Others have sold mines at bargain prices to former rivals. The glut - at least 100 mil…