In the context of US capitalism, corporate bankruptcy has become less an admission of failure or a final chapter than a kind of R&R, a chance to shed some flab and come back stronger. As anyone who has followed Donald Trumps career knows, a big company declaring Chapter 11 bankruptcy is like Lindsay Lohan checking into rehab. Theyll be back.
So it is with Peabody Energy, the worlds largest private coal company, which entered bankruptcy back in April. It is currently undergoing its bankruptcy spa treatment shedding workers and retirees, their health and pension benefits and preparing to get back to work (or so it hopes).
In the case of Peabody and other coal companies, however, theres another sort of flab, er, liability …
Read the full article at: http://www.vox.com/2016/9/2/12757074/coal-bankruptcy-mine-cleanup