ST. LOUIS Weeks after signaling that a heavy debt load and weak coal demand could push it into bankruptcy, Peabody Energy surprised few when it filed for Chapter 11 protection here on Wednesday.
The fall of the worlds largest coal company is the starkest example of the plunge in the coal industrys fortunes over the last few years. Yet with the grace period on a skipped interest payment ending this week and the failure of a big mine sale Peabody was counting on to raise cash, the news wasnt unexpected.
All signs were pointing to it coming, said Kris Inton, an analyst at Chicago-based Morningstar.
As a hub f…
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