Peabody Energy, World's Top Coal Miner, Expected to File for Bankruptcy as Stock Price Tanks
Peabody Energy (BTU), the top miner of coal in the world, may soon file for Chapter 11 bankruptcy. The news comes as Peabody's stock closed Wednesday at a six-month low of $2.19 per share — a 46-percent fall. Peabody noted its potential bankruptcy in the company's March 16 U.S. Securities and Exchange Commission (SEC) Form 10-K. “If we are not able to timely, successfully or efficiently implement the strategies that we are pursuing to improve our operating performance and financial position, obtain alternative sources of capital or otherwise meet our liquidity needs, we may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code,” stated Peabody.
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