Posted on 04/13/2016 10:26:33 AM PDT by bananaman22
In a sign of the times, the world’s largest private sector coal miner just went bankrupt.
The St. Louis-based Peabody Energy Corp. warned a month ago that it was considering filing for Chapter 11 bankruptcy, and on Wednesday they made it official. Peabody’s mines will continue to operate uninterrupted through the bankruptcy process. According to Peabody’s court filing, it has obtained $800 million in debtor-in-possession financing facilities.
“Through today’s action, we will seek an in-court solution to Peabody’s substantial debt burden amid a historically challenged industry backdrop. This process enables us to strengthen liquidity and reduce debt, build upon the significant operational achievements we’ve made in recent years and lay the foundation for long-term stability and success in the future,” the company said in a press release.
(Excerpt) Read more at oilprice.com ...
8300 jobs in jeopardy...
Obama: success!
This was Obamas stated goal, bankrupt the coal industry. I wonder how long before China buys it?
Thank you bastard islamic muslim obama.
Does it matter? Even if China buys it, will they staff it?........................
I grew up in southern IL. Lots of folks use to make a living with or though Peabody and the coal industry. We can put a man on the moon but cant scrub coal?
George Soros will be buying it for a half a penny on the dollar
Mission Accomplished!
We can put a man on the Moon, but can't end poverty?
1) We can't put a man on the Moon. We could in 1969. We can't today. Affirmative Action and Diversity prevent it.
2) Scrubbing coal exhaust to the extent that the 0bama Regime demands is economically unfeasible. The 0bama Regime has declared, by Imperial Fiat, that carbon dioxide is a pollutant and must be scrubbed from coal exhaust.
"We can put a man on the Moon, but we can't [insert goal here]?" has always been a bogus argument.
Thw worst part was having the Way-Back Machine repossessed.
Sherman couldn’t bail him out?
When Fast Food workers are replaced by robots made in China, some Chinese company can offer then $15/hr to work the mines. Housing included!
>George Soros will be buying it for a half a penny on the dollar
Nah, dead money, like FCX, CHK, BPT. He’s prolly shorting the SPY. I used to own BTU and POT, as well as FCX, CHK, and BPT. I sold before the extreme plunge, Thank God. This is crazy Ozero policy fallout, really is nuclear and sad.
We have never really got out of the 2008 recession. If and when we do, inflation and interest on the debt will kill us, absolutely.
-Frank
But what did in this company was the combination of the following:
1. Power utilities switching away from the high-sulfur coal that came from Peabody mines to the low-sulfur coal that came from Wyoming's Powder River Basin.
2. The rapid drop in the price of natural gas since 2007, thanks to fracking technology that opened up many new natural gas fields in the USA in the Bakken Formation and Marcellus Shale.
3. The price of solar power panels rapidly dropping in the last 20 years, which made solar power very viable in the US Southwest and most of the US Southeast.
And this was LONG before President Obama's so-called "War on Coal."
You're old.
You're old, too.
Seems to me that Robots could mine coal very efficiently, 24/7/365, no holidays, no overtime, no unions..................
The electricity bill for the Wayback Machine finally came due!..........................
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