❝ The largest American coal miner, Peabody Energy, is delaying an interest payment due this week and warned that it may have to file for Chapter 11 bankruptcy protection.
Shares of Peabody Energy Corp. plummeted more than 40 percent before the market opened Wednesday. Its shares have already lost half their value in the last three months.
❝ A slowing global economy and toughening environmental standards have slammed the coal industry, which is already beset by bankruptcies, shuttered mines and layoffs. Many electric power companies have shifted to using natural gas, which costs less than coal and produces less pollution…
And there’s an increasing number of regions smart enough to move towards the future by developing wind power and solar power.
❝ St. Louis-based Peabody said it didn’t pay more than $70 million in interest payments that were due Tuesday. If the company doesn’t make the payment in 30 days, it would default and its said there’s “substantial doubt” it would be able to go on.
More of these dinosaurs need to join the bankruptcy parade. Not just for financial reasons – though they’ve been hustling consumers for years with political pimps at their side. They are representative of bankrupt technology, 19th Century practices and methods. Time to go.