Peabody Energy, the worlds largest privately-owned coal company, announced Wednesday that it has filed for Chapter 11 bankruptcy, following a significant downturn in the coal market that left the company saddled with debt.
Peabody, which is headquartered in Missouri, maintained that its mines and offices would remain open, and that its Australian holdings would not be included in the Chapter 11 filing. The company attributed its financial woes to a dramatic drop in the price of metallurgical coal, weakness in the Chinese economy, overproduction of domestic shale g…
Read the full article at: http://thinkprogress.org/climate/2016/04/13/3768908/worlds-largest-coal-company-bankrupt/