Downstate environmentalists that have been opposing Illinois' coal production for the past several years have to be celebrating bad news from one of the world's largest private-sector coal producers. Peabody Energy filed for bankruptcy Wednesday in a U.S. court, citing "unprecedented" industry pressures and a sharp decline in the price of coal.
The company said it will continue to operate while in bankruptcy, while working to reduce debt and improve cash flow.
"Peabody has a new management team, outstanding workforce, unmatched asset base and strong underlying operational performance that represent a key driver in the company's future success," CEO Glenn Kellow said in a statement announcing the Chapter 11 filing.
Peabody's operations in the Midwest ships about 20 million tons of coal annually from Illinois and Indiana mines to electricity generators and industrial customers throughout the region.
The company operates multiple underground and surface mines throughout the Illinois Basin, the fastest-growing coal-producing region in the United States.
In Illinois, Peabody operates the underground Gateway Mine and Wildcat Hills Mine, as well as the surface Cottage Grove Mine.
Opened in 2010, Peabody’s Bear Run Mine in Sullivan County, Ind., is the largest surface mine in the eastern United States, with an 8 million-ton annual production capacity.
Also in Indiana is Wild Boar Mine, the underground Francisco Mine and theSomerville Mine Complex located in Gibson County. The Somerville Mine Complex consists of three surface mines: Somerville North, Somerville South and Somerville Central.
More bad news for people who have to work for s living.
America, WHY have we allowed this to happen?! How could we let the looney left completely devastate this entire industry?! My heart aches for all of the good, hardworking families who will be completely crushed by this madness.
Job killing Obama and the democrats showing their love for the middle class by killing middle class jobs.
The federal EPA has no constitutional authority to exist, and republican controlled congress just allowed Obama to operate outside the law and bankrupt Peabody without so much as a whimper.
The republicans and democrats are wings of the same bird, a bird that illegally preys on the American people and our freedoms.
The question I have is; how much longer are we going to allow our traitorous fascist federal govt to be our rulers instead of public servants?
Don’t cry any tears for Peabody. Why is the Lively Grove Mine missing from Peabody’s list?
Oh, that’s right. Peabody sold it along with the Prairie State Energy Campus to naive municipalities in IL and neighboring states. Instead of helping to run it as they had promised, Peabody sold off most of their shares to poor suckers on city councils, who basically gave Peabody blank checks to build a coal fired power plant that went more than a billion dollars over budget. And instead of the 30 year contracts Peabody made the cities sign, Peabody had an opt-out option after 5 years. They had just been working on dumping their 5% share at a loss, for less than 1/4 of what they paid, when this bankruptcy news came out.
And instead of the cheap, clean energy that Peabody promised, the victims of Peabody and Prairie State are dealing with extraordinarily high electric bills that include added expenses from dealing with a type of coal that is too dirty for the equipment the plant was built with. The ultra-expensive electricity is causing the suckered cities great hardship. Just ask Marceline, Missouri, Bowling Green, Ohio, or Batavia, Illinois.
I have nothing against coal. I DO have something against deceptive, greedy, big coal companies that take advantage of simple, hardworking folks.
Don’t blame Peabody… nobody make any city council sign any agreement. In 2008 Obama made it clear he was going to kill coal