(The Hill) Peabody Energy Corp. filed for bankruptcy protection Wednesday amid an unprecedented slump in coal prices.
Peabody, the largest privately owned coal mining company in the world, is just the latest of its competitors to file for bankruptcy since last year, joining Alpha Natural Resources Inc., Patriot Coal Corp. and Arch Coal Inc.
The company cited a dramatic drop in coal prices, a slowdown in China's economy and the Obama administration's regulatory agenda as some of its top reasons for needing Chapter 11 bankruptcy.
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"This was a difficult decision, but it is the right path forward for Peabody," Glenn Kellow, the company's president, said in a statement.