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Peabody files for bankruptcy protection

Posted at 7:24 AM, Apr 13, 2016
and last updated 2016-04-13 07:24:28-04

NEW YORK (AP) — Peabody Energy, the nation's largest coal miner, is seeking bankruptcy protection.

The 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.

New energy technology and tightening environmental regulations have throttled the industry and led to a wave of mine closures and job cuts. Peabody makes most of its money by selling its coal to utility companies that use it to generate electricity. But many utilities have shifted to using natural gas, which costs less than coal and produces less pollution.

Peabody Energy Corp., based in St. Louis, filed for Chapter 11 bankruptcy protection Wednesday in the United States Bankruptcy Court for the Eastern District of Missouri.

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