UPDATE 10/30/19 @ 12:30 a.m.

For many miners all over the region, fears may quickly become reality.

The largest private coal company in the United States and the final one paying into miner's pension funds, Murray Energy, filed for Chapter 11 bankruptcy Tuesday morning which is a move that speeds up the insolvency of many miners' pensions.

West Virginia Senator Joe Manchin had a lot to say on the bankruptcy, introducing the SLAP (Stop Looting Americans Pensions) Act to Congress Tuesday.

The new law, if passed, would change current bankruptcy laws to increase the priority of workers during bankruptcy proceedings, mandating that companies must continue to make minimum funding contributions toward pension plans during bankruptcy proceedings, increases look back periods from two years to six years, prohibits sales of debtor's assets within 60 days of filing bankruptcy and expands restrictions on executive pay during bankruptcy.

“They didn't take money home because they were investing in their future which is their retirements, they can supplement their family,” Manchin said. “That's going to be taken away and it accelerates from 2022 to 2020. Now we're going to be in terrible shape by this time or before next year.”

Miners met with Senate leaders earlier this month to try to rally support for federal intervention of the miners' pensions. Among them, Rick Ryan, who worked in West Virginia mines for 35 years.

“We lose our pension and that is gone, you know, you won't be able to spend money on your grandkids or your kids or your family, your wife,” Ryan said.

A situation that might put miners in a place where they are looking for other jobs with other benefits, which is no easy task for many.

“I am not going to be able to afford to keep a house, keep the taxes paid, keep the upkeep on the house, so I’ve got to sell everything that I have worked for and I can't start over because no one is going to hire you at our age,” Ryan said.

It's a future for miners that looks as dark as the mines where they've worked for years.

The United Mine Workers of America also released a statement stating that they will continue to fight for their members’ interests in bankruptcy court.

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ORIGINAL STORY 10/29/19

Murray Energy has filed for Chapter 11 bankruptcy and announced new leadership.

Robert Moore, who has served in several positions with Murray, will become president and chief executive of the company.

Founder Bob Murray will become chairman of the board.

Murray's subsidiaries operate mining complexes in a number of locations, including Ohio, Kentucky and West Virginia.

According to a release, Murray has filed motions with bankruptcy court that pending approval, will allow day-to-day operations to continue uninterrupted.

The Company says it intends to finance its operations throughout Chapter 11 with cash on hand and access to a $350 million new money debtor-in-possession financing facility. As part of the plan, the lender of that $350 million plans to form a new entity, Murray NewCo, to take over all of the company's assets.