Lender says Murray Energy violated deal in ‘brazen’ loan default

Murray Energy allegedly violated a bankruptcy financing agreement after manipulating financial information, according to court papers filed by one of its lenders.

GACP Finance, owed some $90-million under a loan tied up in Murray Energy’s bankruptcy financing package, delivered a notice of default to the coal miner on Wednesday, court papers show. The lender alleges Murray improperly included noncoal receivables in a financial report in an attempt to remain compliant with a credit agreement.