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White Stallion Files for Bankruptcy

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White Stallion Energy
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An Evansville-based energy company that owns coal mines in southwest Indiana has filed for bankruptcy protection, eliminating 160 jobs. 

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Credit File
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Documents show White Stallion Energy filed for Chapter 11 on Wednesday.

The company terminated its 260 employees on the day of the filing.

White Stallion expects to re-hire as many as 24 employees for certain services.

The company owns four mines in Indiana: the Antioch, Billings, Shamrock, and Charger mines.

The company also owns two Illinois operations.

Bloomberg reports White Stallion suffered a net loss of about $30 million in 2019. Its financial situation worsened when coal consumption dropped during the COVID-19 economic slowdown.