Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”
In what some are saying is the final nail in the coffin for the coal industry, the largest private-sector coal mining company in the world filed for Chapter 11 business reorganization bankruptcy on April 13. The filing, by St. Louis-based Peabody Energy, is but one in a long stream of bankruptcies filed by major coal companies in the United States in the last several years. However, Peabody’s liabilities make it the biggest U.S. corporate bankruptcy this year according to data compiled by Bloomberg. The filing estimates the coal giant’s debt at $10.1 billion.