Hi-Ho: Second Bankruptcy In Five Years Looms For Peabody; Can't Pay Hedge Fund Debt

[hatrack]

Peabody Energy, the world’s largest private sector coal producer, said there was a risk it could go bankrupt for the second time in five years, as it raced to renegotiate debts in the wake of tumbling demand for the fossil fuel

The New York-listed miner is at the centre of upheaval in energy markets as natural gas and renewables replace coal on the North American power grid. The economic fallout of coronavirus has also sapped demand for coal used in steelmaking, an important market for Peabody’s Australian operations. St Louis-based Peabody shed $5.2bn in debt while in bankruptcy court in 2016-17, leaving hedge fund Elliott Management, a former debt holder, as its largest shareholder. Yet the company is again struggling to meet its debt obligations, according to filings.

EDIT

https://climatecrocks.com/2020/11/09/peabody-coal-in-bankruptcy-threat-again/

FT - Paywalled

[marble falls]

1. Peabody is almost the prototypical evil corporation and has been for well over 100 years ...

Coal miner union war, 1932-37 | SangamonLink
[Search domain sangamoncountyhistory.org/wp/?p=3316] https://sangamoncountyhistory.org/wp/?p=3316
A bitter battle between rival coal mine unions, a battle that began and effectively ended in Springfield, led to strikes, bombings, street riots and at least six killings in Sangamon County in the 1930s.. The United Mine Workers of America, headed by a sometime-Springfieldian, John L. Lewis, held contracts with most local mines, in particular those owned by the giant Peabody Coal Co.


minewar.org » Archive » Has The Past Escaped? The Case For ...
[Search domain www.minewar.org/?p=1428] www.minewar.org/?p=1428
Viewed through history's lens, today's struggle between the United Mine Workers and Peabody Energy may seem ironic. Now the union battles with Peabody Energy to protect the benefits of UMWA retirees which were spun off in 2007 when the Patriot Coal Company was formed. Today Patriot pursues bankruptcy proceedings that threaten to eliminate ...

Big Mountain Navajo Elders Have Sheep Impounded Even ...
[Search domain www.dailykos.com/stories/2017/9/21/1698067/-Big-Mountain-Navajo-Elders-Have-Cattle-Impounded-Even-Though-Peabody-Coal-Mine-Closed] https://www.dailykos.com/stories/2017/9/21/1698067/-Big-Mountain-Navajo-Elders-Have-Cattle-Impounded-Even-Though-Peabody-Coal-Mine-Closed
First, a non-elder said Peabody Coal Mine closed on Big Mountain, but the BIA (or people working for Peabody Coal) are still harassing the Navajo Elders. Furthermore, they said cattle are still


Spare Me Your Coal Requiems: Time For A Reckoning With ...
[Search domain www.peopledemandingaction.org/component/k2/item/539-spare-me-your-coal-requiems-time-for-a-reckoning-with-peabody-and-coal-industry] https://www.peopledemandingaction.org/component/k2/item/539-spare-me-your-coal-requiems-time-for-a-reckoning-with-peabody-and-coal-industry
Long controlled and owned as vassal colonies by absentee corporations—Mr. Peabody sank his first coal mine in southern Illinois 1895, more than a half century after slaves had been legally forced into first mines in the land of Lincoln—coal-mined communities have been denied any economic diversification development.

[hlthe2b]

2. I always loved this John Prine song--as true then as now. Here performed by John Denver

Paradise

Lyrics
When I was a child, my family would travel
Down to western Kentucky where my parents were born
And there's a backwards old town that's often remembered
So many times that my memories are worn
And daddy won't you take me back to Muhlenberg County
Down by the Green River where Paradise lay
Well, I'm sorry, my son, but you're too late in asking
Mister Peabody's coal train has hauled it away
Well sometimes we'd travel right down the Green River
To the abandoned old prison down by Adrie Hill
Where the air smelled like snakes and we'd shoot with our pistols
But empty pop bottles was all we would kill
And daddy won't you take me back to Muhlenberg County
Down by the Green River where Paradise lay
Well, I'm sorry, my son, but you're too late in asking
Mister Peabody's coal train has hauled it away
And the coal company came with the world's largest shovel
And they tortured the timber and stripped all the land
Well, they dug for their coal till the land was forsaken
Then they wrote it all down as the progress of man
And daddy won't you take me back to Muhlenberg County
Down by the Green River where Paradise lay
Well, I'm sorry, my son, but you're too late in asking
Mister Peabody's coal train has hauled it away
And daddy won't you take me back to Muhlenberg County
Down by the Green River where Paradise lay
Well, I'm sorry, my son, but you're too late in asking
Mister Peabody's coal train has hauled it away
Source: LyricFind
Songwriters: John Prine
Paradise lyrics © Warner Chappell Music, Inc