AS IN THE 1980 WHEN THE DEMOCRAT LEAD CONGRESS DESTROYED THE NUCLEAR INDUSTRY AND THE ASSOCIATED JOBS THAT WENT WITH IT - FAST FORWARD TO 2016 THE SAME DEMOCRAT PHILOSOPHY OF HIGH UNEMPLOYMENT BLUE COLLAR WORKERS THAT GET PAID HIGH WAGES ARE GOING LIKE THE DINOSAURS -AS DEMOCRATS WHO PREVENTS BUILDING OF CHEAP ENERGY OUT OF THEIR PERSONAL FEARS AND THE LEFTIST AGENDA TO PROGRESS CHEAP ENERGY AS THE SAME DEMOCRATS WHO HAVE PREVENTED STOREAGE OF SPENT NUCLEAR WASTE TO THE YUCCA MOUNTAIN ARE AT IT AGAIN TO DESTROY THE COAL INDUSTRY OF ALL ITS JOBS - AS PEABODY THE LARGEST COAL US COMPANY FILES FOR BANCRUPTCY TO THE DELIGHT OF THE LEFTIST POTUS BHO WHOSE AGENDA IS TO DRIVE THE STAKE WITH EXCESSIVE OUT OF CONTROL ENERGY PRICES

Peabody Energy, the world's largest private-sector coal producer, filed for bankruptcy on 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.
In addition to plummeting coal prices, the company cited weakness in China's economy, overproduction of domestic shale gas and ongoing regulatory challenges as reasons for its declining prospects.
Peabody reported a loss of $2 billion last year. Revenue tumbled 17% to $5.6 billion as the average price and amount of coal that it sold fell. It warned of further declines this year due to reduced use of coal by U.S. utilities, along with lower demand from overseas markets.
Shares of Peabody (BTU) have already plunged more than 75% this year to trade near $2. The company has roughly 7,600 employees.


The coal industry has faced a myriad of problems in recent years, including proposed regulation from the Obama administration to cut greenhouse gas emissions from the nation's coal-burning power plants. The industry refers to those regulations as Obama's "war on coal."

http://money.cnn.com/2016/04/13/news/companies/peabody-coal-bankruptcy/index.html