Peabody files for Chapter 11 bankruptcy reorganization

Peabody Energy (NYSE:BTU) the nation’s largest coal producer has filed for Chapter 11 bankruptcy protection.

Here’s part of filing:

On April 13, 2016, Peabody and a majority of Peabody’s wholly owned domestic subsidiaries, as well as one international subsidiary in Gibraltar (the “Filing Subsidiaries” and, together with Peabody, the “Debtors”), filed voluntary petitions for reorganization (collectively, the “Bankruptcy Petitions”) under chapter 11 of Title 11 of the U.S. Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Missouri (the “Court”), for which joint administration has been sought (the “Chapter 11 Cases”), Case No. 16-42529. Each Debtor will continue to operate its business as a “debtor in possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Court.