Peabody Says It May Need to File Bankruptcy Amid Coal Rout
- Coal miner skipped $71 million of coupon payments on Tuesday
- Peabody lender had been pressing for in-court restructuring
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Peabody Energy Corp., the largest U.S. coal miner, said it may not be financially strong enough to remain in business in its current form and that the company may seek bankruptcy protection.
Peabody’s ability to operate as a “going concern” is in doubt, the company said in a regulatory filing with the U.S. Securities and Exchange Commission Wednesday. “Going concern” is an accounting term used to describe a business that has the resources it needs to continue running.