Future of Coal Dismal
There are growing concerns about the ability of financially-troubled coal companies to cover the cost of pushing dirt back in mines that might close. Peabody has more than $1 billion in self-bonding obligations in five top coal-mining states: Wyoming, Illinois, Indiana, Colorado and New Mexico.
CBC News
Peabody Energy, largest U.S. coal producer, seek bankruptcy protection
Peabody Energy, the largest coal miner in the United States, filed for bankruptcy protection Wednesday as a crosscurrent of environmental, technological and economic changes wreak havoc across the industry.
Mines and offices at Peabody, a company founded in 1833 by 24-year-old Francis S. Peabody, will continue to operate as it moves through the bankruptcy process. However, Peabody's planned sale of its New Mexico and Colorado assets were terminated after the buyer was unable to complete the deal.
The bankruptcy filing comes less than three months after another from Arch Coal, the country's second-largest miner, which followed bankruptcy filings from Alpha Natural Resources, Patriot Coal and Walter Energy.
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