Murray Energy Corp [MUYEY.UL], one of the largest privately held U.S. coal miners, is working with investment banks to renegotiate terms of its credit agreements in a bid to stave off bankruptcy, people familiar with the talks said on Monday.

The talks underscore the industry’s challenges as governments have curbed the use of coal at power plants, and natural gas and other fuels have become cheaper. Some of the largest U.S. coal companies, including Peabody Energy Corp, Alpha Natural Resources Inc and Arch Coal Inc have already filed for bankruptcy.

Murray Energy, based in St. Clairsville, Ohio, is working with Goldman Sachs Group Inc and Deutsche Bank AG on negotiating relief from creditors, said the people, who asked not to be nam…

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