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The biggest coal US company asked bankruptcy protection

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Last night's the biggest coal US company Peabody Energy Corporation (BTU -NYSE) apply to the court for court protection from creditors at $ 6.3 billion debt and overdue interest payment. They argue that this will not affect their Australian platform. Reports indicate that all their offices and mines continue working. According to Bloomberg, a group of lenders led by Citigroup providing them called DIP for $ 800 million.

Peabody has the largest mine in the United States, which produces 12.5% ​​of all coal in the country. Total in the coal sector, profits are very limited as a lower Natural gas prices. The trend is that manufacturers began mass to use Natural gas instead of coal.

BTU

 


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