{"id":400,"date":"2016-04-13T15:00:26","date_gmt":"2016-04-13T15:00:26","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=400"},"modified":"2016-04-13T15:00:26","modified_gmt":"2016-04-13T15:00:26","slug":"peabody-energy-worlds-biggest-coal-miner-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/peabody-energy-worlds-biggest-coal-miner-files-for-bankruptcy\/","title":{"rendered":"Peabody Energy, World\u2019s Biggest Coal Miner, Files For Bankruptcy"},"content":{"rendered":"<p>Peabody Energy, the world\u2019s largest private sector\u00a0coal miner, announced that it has filed for Chapter 11 bankruptcy protection.<\/p>\n<p><a href=\"http:\/\/c1cleantechnicacom.wpengine.netdna-cdn.com\/files\/2016\/04\/Peabody-1.jpg\" rel=\"attachment wp-att-100584\"><img class=\"alignright size-medium wp-image-100584\" src=\"http:\/\/c1cleantechnicacom.wpengine.netdna-cdn.com\/files\/2016\/04\/Peabody-1-270x179.jpg\" sizes=\"(max-width: 270px) 100vw, 270px\" srcset=\"http:\/\/cleantechnica.com\/files\/2016\/04\/Peabody-1-270x179.jpg 270w, http:\/\/cleantechnica.com\/files\/2016\/04\/Peabody-1-768x510.jpg 768w, http:\/\/cleantechnica.com\/files\/2016\/04\/Peabody-1-570x379.jpg 570w, http:\/\/cleantechnica.com\/files\/2016\/04\/Peabody-1.jpg 1024w\" alt=\"Peabody-1\" \/><\/a>Amidst an industry which is reeling from low production and demand, and facing an upsurge in both gas and renewable energy electricity generation, the global coal industry has been waiting for its biggest\u00a0victim to announce itself. In a <a href=\"http:\/\/www.peabodyenergy.com\/content\/2625\/chapter-11-protection\" target=\"_blank\" rel=\"noopener noreferrer\">press release published Wednesday<\/a>, US-based coal mining company Peabody Energy announced that it had voluntarily filed for Chapter 11 bankruptcy protection for the majority of its US entities in the US Bankruptcy Court for the Eastern District of Missouri.<\/p>\n<p>Of course, this is not the first coal mining company to file for bankruptcy protection, given the industry\u2019s multi-year-long downward trend. Other coal production companies <a href=\"http:\/\/blogs.wsj.com\/moneybeat\/2016\/01\/11\/arch-coals-bankruptcy-drags-down-mining-stocks\/\" target=\"_blank\" rel=\"noopener noreferrer\">that have recently<\/a> turned towards bankruptcy protection include Arch Coal Inc., Alpha Natural Resources, Patriot Coal Corp., and Walter Energy Inc.<\/p>\n<p>The US coal industry has been hit by a perfect storm of events, triggering a massive decline in production and demand. A warm winter, declining exports, and the rise of gas and renewable energies have all resulted in historic declines. <a href=\"http:\/\/cleantechnica.com\/2016\/01\/13\/us-coal-production-falls-lowest-levels-since-1986\/\" target=\"_blank\" rel=\"noopener noreferrer\">Earlier this year<\/a> the US Energy Information Administration revealed that US coal production had fallen to its lowest levels since 1986, dropping 10% in 2015 on the year earlier.<\/p>\n<p>Just this week, <a href=\"http:\/\/cleantechnica.com\/2016\/04\/12\/us-coal-production-continues-plunge-ieefa\/\" target=\"_blank\" rel=\"noopener noreferrer\">as highlighted by<\/a> the Institute for Energy Economics and Financial Analysis, US coal production is currently running 30% below what it was this time last year, and in the week ending April 2, the US coal industry produced 38% less than the comparable week a year earlier, and half that of the comparable week in 2008.<\/p>\n<p>Peabody Energy, in the press release announcing its decision, said that it \u201cintends to reduce its overall debt level, lower fixed charges, improve operating cash flow, and position the company for long-term success, while continuing to operate under the protection of the court process.\u201d Specifically, as of writing, all of Peabody\u2019s offices and mines are expected to continue doing so for the duration of the process, while its Australian entities and operations will all continue unaffected by proceedings, as they were not included in the filings.<\/p>\n<p><strong>Source:\u00a0<a href=\"http:\/\/cleantechnica.com\/2016\/04\/13\/worlds-biggest-coal-miner-peabody-energy-files-bankruptcy\/\">http:\/\/cleantechnica.com\/<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peabody Energy, the world\u2019s largest private sector\u00a0coal miner, announced that it has filed for Chapter 11 bankruptcy protection. Amidst an industry which is reeling from low production and demand, and facing an upsurge in both gas and renewable energy electricity generation, the global coal industry has been waiting for its biggest\u00a0victim to announce itself. In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,4,9],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Peabody Energy, World\u2019s Biggest Coal Miner, Files For Bankruptcy - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/peabody-energy-worlds-biggest-coal-miner-files-for-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peabody Energy, World\u2019s Biggest Coal Miner, Files For Bankruptcy - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Peabody Energy, the world\u2019s largest private sector\u00a0coal miner, announced that it has filed for Chapter 11 bankruptcy protection. 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