Peabody, world's top private coal miner, files for bankruptcy

[WhiteTara]

http://www.reuters.com/article/us-peabody-energy-bankruptcy-idUSKCN0XA0E7

Peabody Energy Corp (BTU.N) filed for U.S. bankruptcy protection on Wednesday after a sharp drop in coal prices left it unable to service debt of $10.1 billion, much of it incurred for an expansion into Australia.

The Chapter 11 bankruptcy filing from Peabody, the world's biggest private-sector coal producer, ranks among the largest in the commodities sector since energy and metal prices began to fall in mid-2014 as once fast-growing markets such as China and Brazil started to slow.

Unlike most large corporate bankruptcies, Peabody's filing did not sketch out a plan for cutting debt, although it said it expected its mines to continue to operate as usual.

Peabody estimated its assets at $11.0 billion and liabilities at $10.1 billion as of the end of 2015, according to court documents.

[Wellstone ruled]

1. And the Workers take it in the shorts again.

Just another dying industry that will get away from paying their Employee Pensions. And the rest of us will have to clean up their Environmental Disasters. This has been baked into this cake. Watch for some serious Worker Fall out in the next few days...

[WhiteTara]

2. You are so right. The company execs will

still get bonuses too, I'm sure.

[Wellstone ruled]

3. Watching what happens here in the South West.

One of Peabody's largest operations is Black Mesa in the Page,Az, area. Located on Navajo land and pretty much all Navajo workers. This mine supplies all the coal for the Navajo Energy Station east of Page,and this plant is the major power source for what is called the Salt River Project,which is the major water pipeline that supplies Phoenix area and Tucson with their water. Last we heard,there are Miner Worker Contracts and Pension Funding Issues in play. Going to be interesting.