January, 11 2016, 11:00am EDT

For Immediate Release
Contact:
Kimberly Larson, 206-448-6653, kimberly@climatesolutions.org
Colin Lauderdale, 406-248-1154, colin@northernplains.org
Ricky Junquera, 617.599.7048, ricky.junquera@sierraclub.org
Arch Coal Bankruptcy: The End of an Era
Longview, WA
Arch Coal, Inc., the second largest coal supplier in the United States, announced today that it would be filing for bankruptcy protection after suffering several quarters of losses and being unable to restructure its debt. The company has been a major player in coal regions across the U.S., including Appalachia and the Powder River Basin. In the Northwest, the announcement significantly reduces the likelihood that several Arch Coal projects across Montana and Washington State will move forward, including the Otter Creek mine and Tongue River Railroad in Montana, as well as the proposed Millennium Bulk Terminals coal export terminal in Longview, Washington.
Due to plummeting profitability of domestic coal production, the company had planned to open a massive new mine coal at Otter Creek and then transport it using the Tongue River Railroad, for eventual export to Asia through the proposed Millennium coal terminal in Washington State. Today's bankruptcy announcement puts these plans in jeopardy and underscores Arch Coal's dwindling business prospects.
Arch Coal has experienced a dramatic decline in the five years since it purchased an interest in the Millennium coal terminal. Arch's stock price topped out at over $360 a share on a split adjusted basis, in early 2011. Since then, it has plummeted to under $1 share before today's bankruptcy announcement, which will likely result in the equity holders getting nothing. The bankruptcy filing is directly attributable to the Company's spending spree during the market peak for coal prices, which resulted in it incurring over $5 billion in long-term debt, most of which is due over the next 2-4 years, as well as more than $500 million in losses in the past year. Arch has continued to dramatically increase pay for its executive to reward them for failed strategies, while failing to adapt to new public health concerns about coal pollution and the public's increasing demand for clean energy.
In response, Dana Minium (Owner of Solo Storage), Ross Macfarlane (Climate Solutions), Clark Williams-Derry (Sightline Institute), and Mary Anne Hitt (Director of Sierra Club's Beyond Coal Campaign) released the following statements:
Dana Minium, Owner of Solo Storage in Longview, WA --
"The last thing Longview businesses need is Arch Coal dragging down our community with their financial insecurity. Their bankruptcy is further proof that coal is a dead end commodity to invest in. The risks are high and the return low. Why would Longview gamble with our future? We can do better!"
Ross Macfarlane, Senior Advisor with Climate Solutions, Seattle, Washington --
"Arch's bankruptcy is the final nail in the coffin for the Millennium coal terminal in Longview, Washington, as well as the company's fading dreams to make itself into a major player exporting Montana coal to Asian markets. Today's announcement leaves that project without any solvent backers and reflects the fact that financial markets have decisively rejected the idea of pouring hundreds of millions of dollars into risky export schemes. We need to close the book on this effort to revive a dying industry and help Longview build a viable economy for the 21st century."
Clark Williams-Derry, Sightline Institute, Seattle, Washington --
"Arch's financial collapse shows that Big Coal makes a terrible partner for local communities looking for stability and economic prosperity. The domestic coal industry continues to disintegrate, international coal markets are at a decade low--and the smart money is staying as far away as possible from coal. Longview deserves a partner that can deliver on its economic promises. Arch can't."
Mary Anne Hitt, Director of the Sierra Club's Beyond Coal Campaign --
"Arch Coal's bankruptcy is the latest sign of a profound shift in America's energy landscape. With one-third of the nation's coal plants slated for retirement, due to grassroots advocacy and increased competition from renewable energy, the coal industry's prospects are fading. The bankruptcy of America's second largest coal company, which comes on the heels of an historic, universal climate agreement in Paris, is a clear signal that coal is a fuel of the past, and that America's future will be powered by clean energy that doesn't harm public health or our climate."
"As we transition away from coal to clean energy, it is essential that all levels of government and the private sector invest in the coal workers and the communities who have powered our country for a over a century, so that they can enjoy new economic opportunities that provide long term stability. Congress in particular should support these communities during this transition by making sure that coal workers, and their families, continue to have financial stability, education and training opportunities, as well as all of the healthcare and pension benefits they've earned through their years of service. Additionally, lawmakers need to provide the kind of funding necessary for cleaning up the toxic legacy left behind by the industry.
"Coal workers and their communities were the backbone of America's industrial revolution, were critical in our victory in two world wars, and were major contributors to the rise of American prosperity. As coal is replaced by cleaner forms of energy, we must provide those workers and communities with the support and gratitude they are due."
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
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Democracy defenders and members of Congress are condemning US President Donald Trump's effort to use a "pocket rescission" process to block $4.9 billion in foreign aid as authoritarian and illegal.
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As The Associated Press explained:
The 1974 Impoundment Control Act gives the president the authority to propose canceling funds approved by Congress. Congress can within 45 days vote on pulling back the funds or sustaining them, but by proposing the rescission so close to September 30 the White House argues that the money won’t be spent and the funding lapses.
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Congressman Joaquin Castro (D-Texas) also put pressure on GOP lawmakers, saying that "this is wrong—and illegal. Not only is Trump gutting $5 billion in foreign aid that saves lives and advances America's interests, but he's doing so using an unlawful 'pocket recission' method that undermines Congress' power of the purse. I urge my Republican colleagues to say hell no."
While most Republicans on Capitol Hill have backed Trump's endeavors to claw back funding previously appropriated by Congress, GOP Sens. Susan Collins (Maine) and Lisa Murkowski (Alaska) voted against his $9 billion rescission package earlier this year.
Collins, chair of the Senate Appropriations Committee, also spoke out against Trump's new move, noting in a Friday statement that under the US Constitution, Congress has "the power of the purse," and the Government Accountability Office "has concluded that this type of rescission is unlawful and not permitted by the Impoundment Control Act."
Congressman Jamie Raskin (D-Md.), a constitutional scholar, similarly stressed that "Congress—and only Congress—passes budgets. Because the president's job is to take care the laws are faithfully executed, he must spend the money as directed. Trump's 'pocket recissions' are lawless and absurd. If a president opposes legislative spending decisions, he can veto them, subject to override, but once passed, he must execute on them."
Lisa Gilbert, co-president of the watchdog group Public Citizen, declared in a Friday statement that with the pocket rescission move, the Trump administration "demonstrated yet again its contempt for Congress' power of the purse and the Constitution's separation of powers."
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Trump is the first president to impose tariffs by citing the International Emergency Economic Powers Act (IEEPA) of 1977. In a 7-4 ruling, the appellate court's majority found that most of his tariffs are illegal.
The court said that "tariffs are a core congressional power" and "we discern no clear congressional authorization by IEEPA for tariffs of the magnitude of the reciprocal tariffs and trafficking tariffs."
The decision affirms a May ruling from the US Court of International Trade, which also found that Trump exceeded his authority.
Friday's ruling is paused until October 14, to give the White House time to appeal to the nation's highest court. Trump suggested he would do so in a post on his Truth Social platform, writing:
ALL TARIFFS ARE STILL IN EFFECT! Today a Highly Partisan Appeals Court incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end. If these Tariffs ever went away, it would be a total disaster for the Country. It would make us financially weak, and we have to be strong. The U.S.A. will no longer tolerate enormous Trade Deficits and unfair Tariffs and Non Tariff Trade Barriers imposed by other Countries, friend or foe, that undermine our Manufacturers, Farmers, and everyone else. If allowed to stand, this Decision would literally destroy the United States of America. At the start of this Labor Day weekend, we should all remember that TARIFFS are the best tool to help our Workers, and support Companies that produce great MADE IN AMERICA products. For many years, Tariffs were allowed to be used against us by our uncaring and unwise Politicians. Now, with the help of the United States Supreme Court, we will use them to the benefit of our Nation, and Make America Rich, Strong, and Powerful Again! Thank you for your attention to this matter.
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Trump's latest legal loss on the tariff front follows various analyses and polling that show the harm his policies are causing. One Accountable.US report from this month highlights comments from grocery executives about passing costs on to consumers, and a recent survey found that 90% of Americans consider the price of groceries a source of stress.
Democrats on the Joint Economic Committee also released a related report earlier this month. As JEC Ranking Member Maggie Hassan (D-N.H.) said at the time, "While President Trump promised that he would expand our manufacturing sector, this report shows that, instead, the chaos and uncertainty created by his tariffs has placed a burden on American manufacturers that could weigh our country down for years to come."
Another mid-August analysis from the Century Foundation and Groundwork Collaborative details the surging cost of school supplies as American families prepared for the 2025-26 academic year. TCF senior fellow Rachel West said that "from his reckless tariffs to his budget law slashing food assistance and federal student loans, Trump's back-to-school message to America's families is crystal clear: Don't expect help, just expect less."
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The Trump administration said Friday that Secretary of State Marco Rubio "is denying and revoking visas from members of the Palestine Liberation Organization and the Palestinian Authority" ahead of next month's United Nations General Assembly in New York.
The US State Department said Friday that "the Trump administration has been clear: It is in our national security interests to hold the PLO and PA accountable for not complying with their commitments, and for undermining the prospects for peace."
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The ICC last year issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant for alleged war crimes and crimes against humanity in Gaza, including murder and the forced starvation of Palestinians that is driving a famine that has killed at least hundreds of Palestinians and is starving hundreds of thousands more. The ICJ is currently weighing a genocide case against Israel filed by South Africa—not the PA.
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