Peabody Energy Corp., the world’s largest privately owned coal miner, filed for bankruptcy in St. Louis on Wednesday, blaming decreased demand from China and competition from cheap shale gas that hit hard the market for thermal coal.
Jones Day and Armstrong Teasdale have landed lead debtor’s counsel roles for the Chapter 11 case in Peabody’s home city, the latest insolvency filing by a major energy company so far this year. Peabody is saddled with $10.1 billion in debt, much of it incurred through an ill-fated expansion into Australia.
