Coal miner Peabody emerging from bankruptcy
April 2, 2017
ST. LOUIS (AP) — The nation's largest coal producer, Peabody Energy Corp., said Monday that it has emerged from bankruptcy protection after a year.
The St. Louis company said it reduced costs and slashed its debt load by more than $5 billion in the past year.
CEO Glenn Kellow said that the company has the size and assets — including a wide geographic reach — to be competitive. Peabody will aim to further reduce debt and return cash to shareholders, he said.
Demand for coal has weakened as utilities switch to cheaper natural gas for electricity generation. The downturn has led to thous...