Peabody Energy said that it didn’t know if it would be able to continue operations if it failed to pay $70 million in interest that was due yesterday. Several other coal companies have already filed for bankruptcy in the last year.
The coal company has 30 days to pay the 70 million in interest before it has to default on the payment. It’s been hurt by the struggling coal market lately as natural gas has become the more popular energy option, reports ABC News.
“”There can be no assurance that our plan to improve our operating performance and financial position will be successful,” Peabody told STLtoday.com. “We may need to voluntarily seek protection under Chapter 11.”
BTU shares were down 45% as of Wednesday morning.
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