New York (CNN Business) The slow death of the American coal industry has forced Murray Energy, the largest private coal miner in the United States, to file for bankruptcy protection Tuesday.

Murray Energy's bankruptcy has been telegraphed for years. It recently failed to make payments to lenders , and the company entered into a forbearance agreement that bought it time to negotiate a restructuring . But that grace period came and went, and Murray Energy was unable to pay its bills. S&P Global Ratings downgraded the company's credit rating to "default" earlier this month.

The coal company formed a restructuring agreement with some of its lenders, representing about 60% of Murray's $1.7 billion in liabilities. The company announced Tuesday it has received $350 million in credit to keep its business operational through bankruptcy.

Robert Murray, the self-proclaimed king of the coal industry, has been replaced as CEO. Murray Energy announced Tuesday that former Chief Financial Officer Robert Moore will take over as the company's new chief executive. Robert Murray will remain as the company's chairman.

"Although a bankruptcy filing is not an easy decision, it became necessary to access liquidity and best position Murray Energy and its affiliates for the future of our employees and customers and our long term success," said Robert Murray in a statement.