Futures & Commodities

Peabody, world's top private coal miner, files for bankruptcy

Peabody Energy files for bankruptcy protection
Peabody Energy files for bankruptcy protection

Peabody Energy, the world's largest privately owned coal producer, filed for U.S. bankruptcy protection on Wednesday in the wake of a sharp fall in coal prices that left it unable to service a recent debt-fueled expansion into Australia.

The company listed both assets and liabilities in the range of $10 billion to $50 billion.

Falling global coal demand, stricter environmental controls and a glut of natural gas have pushed big miners, including the second largest U.S. coal producer, Arch Coal Inc, into bankruptcy protection over the past year.