Coal's ‘Last Man Standing’ Dragged to the Brink of Bankruptcy
- Peabody's bankruptcy would mark the end of an era: analyst
- Biggest U.S. coal miner has lost 98 percent of market value
Conveyor belts stand at an Alpha Natural Resources Inc. coal preparation plant in Logan County near Yolyn, West Virginia, U.S., on Wednesday, Aug. 5, 2015. Alpha Natural Resources Inc. filed for bankruptcy in Virginia last week, becoming the latest victim of the coal industry’s worst downturn in decades.
Photographer: Luke Sharett/BloombergThis article is for subscribers only.
Welcome to the twilight of American coal.
Peabody Energy Corp., the nation’s biggest miner, is on the verge of bankruptcy, crippled by $6.3 billion in debt. The company’s announcement Wednesday that it may file sent a decisive signal to the market: The U.S. coal industry is still too big.