Peabody Energy Files for Bankruptcy

Peabody Energy, the nation’s largest coal miner, has filed for bankruptcy protection less than three months after another fililng from Arch Coal. Alpha Natural Resources and Patriot Coal are also seeking bankruptcy protection. Peabody makes most of its money by selling its coal to major utilities that power the nation’s electric grid. Coal demand has tumbled and the effects have been devastating in coal mining communities from West Virginia to Montana. Peabody had about 7,600 employees at the end of last year and has ownership stakes in 26 mines in the U.S. and Australia. Its U.S. mines are in Arizona, Colorado, Illinois, Indiana, New Mexico and Wyoming.