The crisis in the US coal industry has claimed its biggest victim yet as Peabody Energy (NYSE:BTU), the world's largest privately owned coal producer, filed for bankruptcy protection.
The St. Louis-based company for chapter 11 bankruptcy protection from its creditors, listing $10.1 billion in debt, after being ground down by low prices and falling demand from China.
All of Peabody’s mines and offices are continuing to operate and are expected to continue doing so for the duration of the process, the firm said in a statement.
The decision by Peabody, the US largest coal miner, follows on the heels of similar moves by Arch Coal Inc., Alpha Natural Resources, Inc., Patriot Coal Corp. and Walter Energy.
In its bankruptcy filing, the company said it has also shelved plans to sell assets in New Mexico and Colorado after the buyer wasn’t able to complete the deal.
In March, Peabody said it had delayed interest-rate payments on two loans and said it may not have sufficient liquidity to sustain operations, warning of a possible chapter 11 filing.
More to come…
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