Evansville, Indiana-based White Stallion Energy has announced the layoff of all of their 338 employees, including executives, as a consequence of the Chapter 11 bankruptcy filing.
The financially struggling company owns six coal mines, four in Indiana (Antioch, Billings, Shamrock, and Charger) and two in Illinois (Friendsville and Eagle River) -- all of which are shuttered during the filing period.
The decision was driven by declining revenues resulting from political claims about global warming and its impact on coal-fired power companies. And, more broadly, the economic slowdown created by COVID-19.
According to a company spokesperson, “The company also has been actively and earnestly working to negotiate the terms of the long-term supply contract with one of its major customers and continued in its efforts do so right until this holiday (Thanksgiving) weekend. Although the company believes it could finalize a contract before the company ran out of the operating capital, over the Thanksgiving holiday, it became clear that such a supply contract would not be finalized in a time-frame necessary to avoid the idling of operations and the termination of employees.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?