Alpha Natural Resources

Alpha Natural Resources collapsed into bankruptcy in 2015, just four years after its $7.1 billion acquisition of Massey Energy made it America's largest coal producer. The deal, financed with debt, came months before metallurgical coal prices began a 70% decline. Alpha inherited Massey's Upper Big Branch mine disaster liability - 29 dead miners - along with its Appalachian reserves that became uneconomic against cheaper Powder River Basin coal. The company demonstrated how acquisitions at cycle peaks multiply rather than reduce risk.