World’s largest coal company declares bankruptcy

WASHINGTON, D.C. – Peabody Energy, the world’s largest private sector coal company and biggest producer of coal in the U.S., today filed for Chapter 11 bankruptcy protection. Peabody’s debt burden is $10.1 billion. In a statement, the company cited “unprecedented” pressures on the global coal industry, including the dramatic drop in coal prices and regulatory challenges, but said mine operations will continue as usual. Over the past year, Peabody’s share price dropped by 94 percent and the company lost $2 billion in 2015. With today’s bankruptcy filing Peabody joined some of the largest U.S. coal producers, including Arch Coal, Alpha Natural Resources, Patriot Coal Corporation and Walter Energy, Inc. in filing for bankruptcy protection.

Friends of the Earth President Erich Pica issued the following response:

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With Peabody joining Alpha and Arch Coal in bankruptcy, a clear signal has been sent: coal is a bad investment for investors as well as the future of the planet. As the bankruptcy proceedings move forward, these companies must be held responsible for the environmental damage they have caused and honor their commitments to their workers. Any reorganization must leave remaining coal reserves in the ground, finance the clean-up of the areas that have already been impacted and honor the previous commitments they have made to their workers.

Written by greenlivingguy

The Green Living Guy, Seth Leitman is a green living expert, celebrity and Editor of the McGraw-Hill, TAB Green Guru Guides. Seth is also an Author, Radio Host, Reporter, Writer and a Environmental Consultant on green living. The Green Living Guy writes about green living, green lighting, the green guru guides and more. Seth's books range from: # Build Your Own Electric Vehicle by Bob Brant and Seth Leitman (2nd and 3rd editions) # Build Your Own Plug-in Hybrid Electric Vehicle by Seth Leitman # Build Your Own Electric Motorcycle by Carl Vogel # Green Lighting by Seth Leitman, Brian Clark Howard and Bill Brinsky # Solar Power For Your Home by David Findley # Renewable Energies For Your Home by Russel Gehrke # Do-it-Yourself Home Energy Audits by David Findley # Build Your Own Small Wind Power System by Brian Clark Howard and Kevin Shea # and more green living books to follow.

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