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Peabody Energy Files for Chapter 11

(Gillette, Wyo.) Last month we reported that the Peabody Energy Corporation was at risk of filing for bankruptcy after being unable to make interest payments. This morning they announced they will be voluntarily filing Chapter 11 petitions to "strengthen liquidity and reduce debt." "This was a difficult decision, but it is the right path forward for Peabody,” said President and CEO Glenn Kellow. The company expects that despite filing for bankruptcy, they will continue to be able to pay employee wages and healthcare benefits without interruption. "All of the company’s mines and offices are continuing to operate in the ordinary course of business and are expected to continue doing so for the duration of the process," Peabody said in a statement. Peabody also announced today that the planned sale of the company’s New Mexico and Colorado assets was terminated after the buyer was unable to complete the transaction. They have established a call center for questions: 866-967-1783. #county17 #news #bootstrapped #dally