http://www.canadianmanufacturing.com/human-resources/largest-u-s-coal-miner-164539/
[Everybody sold their direct and indirect (mutual funds, GICs, savings
accounts at major oil-aligned banks) in coal, oil and gas years ago,
right? Of course, former Canadian Prime Minister Harper would label
this as "a buying opportunity".]
Largest U.S. coal miner warns it may file for bankruptcy protection
Peabody Energy operates mines in six U.S. states and employs 7,600 workers
March 16, 2016
by The Associated Press
NEW YORK—The largest American coal miner, Peabody Energy, is delaying an
interest payment due this week and warned that it may have to file for
Chapter 11 bankruptcy protection.
Shares of Peabody Energy Corp. plummeted more than 53 per cent before
the market opened Wednesday. Its shares have already lost half their
value in the last three months and 95 per cent over the past year.
A slowing global economy and toughening environmental standards have
slammed the coal industry, which is already beset by bankruptcies,
shuttered mines and layoffs. Many electric power companies have shifted
to using natural gas, which costs less than coal and produces less
pollution.
Rival coal companies Alpha Natural Resources, Arch Coal and Patriot Coal
have all filed for bankruptcy protection in the last year.
St. Louis-based Peabody said it didn’t pay more than $70 million in
interest payments that were due Tuesday. If the company doesn’t make the
payment in 30 days, it would default and its said there’s “substantial
doubt” it would be able to go on.
Peabody had about 7,600 employees at the end of last year and operates
mines in Arizona, Colorado, Illinois, Indiana, New Mexico and Wyoming.
It also has mines in Australia.
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