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Peabody Energy files for Chapter 11 bankruptcy

Staff writer |
Peabody Energy, the world's largest privately owned coal producer, filed for U.S. bankruptcy protection.

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The company filed in the wake of a sharp fall in coal prices that left it unable to service a recent debt-fueled expansion into Australia.

The company listed both assets and liabilities in the range of $10 billion to $50 billion.

The company voluntarily filed petitions under Chapter 11 for the majority of its U.S. entities in the United States Bankruptcy Court for the Eastern District of Missouri. All of Peabody’s mines and offices are continuing to operate in the ordinary course of business and are expected to continue doing so for the duration of the process, it said.

Trading of Peabody’s shares are expected to be suspended immediately.


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