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| Economy |
| Largest US Coal Producer Files for Bankruptcy |
| 2016-04-14 |
| Peabody Energy, the world's largest private-sector coal producer, filed for bankruptcy on Wednesday in a U.S. court, citing "unprecedented" industry pressures and a sharp decline in the price of coal. The company said it will continue to operate while in bankruptcy, while working to reduce debt and improve cash flow. Company has about 8000 employees. The coal produced by the company was used to generate about 10% of the electricity used in the US in 2014 |
| Posted by:lord garth |
| #3 Remember during the "No Nukes" protests people saying "we've got enough coal for 500 years. But that said making the coal industry clean up its own messes that may be caused by the mining and prepperation process isn't a bad thing either. As I understand it coal from open pit mines is washed. Does anybody really want that water getting discharged without getting cleaned up. |
| Posted by: Cheaderhead 2016-04-14 19:41 |
| #2 Onerous EPA regulations, export controls, and Obama and Hildebeest's campaign promises to put coal companies out of business hardly mentioned. |
| Posted by: Besoeker 2016-04-14 07:39 |
| #1 Not only the environmentalists, global warmers, and their White House patron have hurt coal, but also fracking, and yes - mild winters. Utilities didn't use up their winter stockpiles and fracking makes gas so cheap, new plants use gas and older ones convert to 'clean-burning' natural gas. |
| Posted by: Bobby 2016-04-14 07:27 |