Coal giant Peabody Energy files for Chapter 11 bankruptcy

April 13, 2016 11:13 AM

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The nation's biggest coal company, Peabody Energy (BTU), filed for Chapter 11 bankruptcy protection on Wednesday as the coal industry grapples with the fallout of low natural gas prices, costly regulations and legacy costs.

Peabody had warned in March that "sustained depressed" coal prices had placed it on the edge of insolvency.

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