Peabody Energy (NYSE:BTU) may be the next big US coal producer to go bankrupt. According to Fortune, the company said it may need to seek out chapter 11 bankruptcy protection after it delayed an interest payment this week.
As quoted in the publication:
Falling demand for coal, tough environmental controls and growing competition from natural gas have pushed several big coal miners, including Arch Coal Inc, into bankruptcy protection over the past year.
Peabody, which flagged bankruptcy risk under the “risk factors” section of a regulatory filing on Wednesday, said it skipped a $71.1 million interest payment on its senior notes, kicking off a 30-day grace period.
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