http://www.bloomberg.com/news/articles/2016-04-13/peabody-majority-of-its-u-s-entities-file-for-chapter-11
https://www.scribd.com/doc/308361340/Peabody-Bankruptcy
U.S. coal giant Peabody Energy Corp. filed for bankruptcy on
Wednesday, the most powerful convulsion yet in an industry
that’s enduring the worst slump in decades.
The company
filed Chapter 11 petitions for most of its U.S. entities in U.S.
Bankruptcy Court in St. Louis Wednesday, listing $10.1 billion in debt.
All of Peabody’s mines and offices are continuing to operate and are
expected to continue doing so for the duration of the process, according
to a statement.
Founded
in 1883 by 24-year-old Francis S. Peabody with $100, a wagon and two
mules, the miner is now the largest private-sector coal company in the
world, with customers in 25 countries and about 8,000 employees,
according to its website. It joins at least four other coal companies
that have sought bankruptcy as the industry endures its worst downturn
in decades -- a result of tougher environmental policies, a flood of
cheap natural gas and a global glut of metallurgical coal that’s dragged
prices for steelmaking component to the lowest in more than 10 years.
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