EVANSVILLE, Ind. (WFIE) - An energy company that has mining operations located in southwestern Indiana has filed for bankruptcy.
On Wednesday, White Stallion Energy filed for Chapter 11 Bankruptcy.
According to court documents, the company entered Chapter 11 Bankruptcy due to an unexpected cash shortage that was brought on by a steep decline in the coal market, which was made worse with the coronavirus pandemic.
The documents state that the company terminated all of their approximately 260 employees.
John Coy, a coal mine operator for the company, says he saw the bankruptcy coming. He’s now without a job and insurance.
“I was on my piece of equipment, and about 20 (minutes) to (5 p.m.) yesterday evening, they said we’re having a meeting,” Coy said. “Bring all the equipment up out of the pit, shut everything off and meet at the meeting place, and we was handed our termination papers.”
According to Bloomberg, the company expects all of its mines to remain idle during the bankruptcy process.