Coal Slump Sends Mining Giant Peabody Energy into Bankruptcy

U.S. coal giant Peabody Energy Corp. filed for bankruptcy April 13, the most powerful convulsion yet in an industry that’s enduring the worst slump in decades (In re Peabody Energy Corp.petition filed).

The company filed Chapter 11 petitions for most of its U.S. entities in federal court in St. Louis, listing $10.1 billion in debt. All of Peabody’s mines and offices are continuing to operate and are expected to continue doing so for the duration of the process, according to a statement.

Founded in 1883 by 24-year-old Francis S. Peabody with $100, a wagon and two mules, the ...