Largest US coal company files for bankruptcy
DOI: 10.1063/PT.5.029741
NPR : On 13 April, Peabody Energy—the largest coal-mining company in the US—filed for chapter 11 bankruptcy protection. Peabody follows in the footsteps of the second-largest company, Arch Coal, which filed for bankruptcy earlier this year, and three other major coal companies that went bankrupt the year before. Peabody cited a slump in the coal industry as the reason for its difficulties. One of the world’s largest markets for coal, China, has been experiencing an economic downturn over the past several years. In addition, coal faces increasing competition in the US as shale-gas production and solar and wind projects ramp up. Peabody’s filing should allow the company to restructure its debt load and effect other changes in order to continue operating.