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