Peabody Energy joins its fellow competitors Arch Coal and Alpha Resources in bankruptcy today. This is a huge win for the Obama administration and the EPA, who’ve been interested in this delightful eventuality ever since his administration began. In spite of the fact that 40% of the energy produced at power plants derives from the filth mined at these horrible coal mines, the Obama administration has made it all but impossible to make a profit in the coal industry.
As such, it has been bankrupted.
“This was a difficult decision, but it is the right path forward for Peabody. We begin today to build a highly successful global leader for tomorrow,” Glenn Kellow, president and CEO, said in a statement. The company cited the drop in the price of metallurgical coal, weakness in the Chinese economy, overproduction of domestic shale gas and ongoing regulatory challenges as factors contributing to the bankruptcy.
In connection with the bankruptcy process, Peabody has obtained $800 million in debtor-in-possession financing from a lender group led by Citigroup. The facilities include a $500 million term loan, a $200 million bonding accommodation facility and a $100 million letter of credit facility. With that financing, Peabody believes it has sufficient liquidity to continue to operate its business worldwide, according to a statement from the company.
Congratulations are in order for Barack Obama. God willing, the entirety of the coal industry will be shuddered and in its place will be an endless sea of windmills–briskly decapitating the heads of bald eagles and other endangered species, in order to save the planet from its ultimate and indelible melting popsicle demise.
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You’re equating the environmental damage from windmills to that of coal?
Did I? I don’t believe I did.
I still don’t understand the big coal investment by Soros last summer.
Was thinking the same thing…he was supposedly deep into ACI. Not to mention in the pockets of this administration.
Many countries will still use coal. It’s still used in the coal cracking, mining areas of our country. Just thinking….
Nat gas killed coal in the US.
Improving energy efficiency and power-generation diversity is weakening it in China, so the demand for non-toxic air can eventually kill it there. India’s situation might be similar, but I don’t know anything about it.
http://ieefa.org/chinas-love-for-coal-and-coal-imports-and-longstanding-affair-with-heavy-emissions-rapidly-coming-off-the-boil/
18 January, 2016: China reports electricity demand grew just 0.5% year on year (yoy) to 5,550TWh in calendar 2015,[i] the slowest rate of growth since 1998. With a significant increase in non-thermal electricity generation (nuclear, hydro, wind and solar), coal fired power generation declined by an estimated 4% yoy and coal consumption is estimated to have fallen 5% yoy, building on the decline reported in 2014.
With declining coal consumption, China has moved to protect domestic production by cutting imports. Figures out last week confirm coal imports declined 30% yoy over January-December 2015.[ii]
“With the collapse in both Indian (down 34% yoy)[iii] and Chinese (down 35% yoy) coal imports in December 2015, the seaborne thermal coal industry is entirely beleaguered,” said Tim Buckley, Director of Energy Finance Studies at the Institute for Energy Economics and Financial Analysis (IEEFA).
Wrong. The EPA killed coal. There was room for both. Your bias is evident.
Is Soros always right? I thought Icahn made a brilliant move in Nat Gas and Pep Boys and the two together were deliberate.
By the way what happened to hydrogen fuel cell cars? Some are still trying to resurrect this innovation but their whispers are being drowned out.
*Allah-willing
Congrats libtards. Your fearless leader won. Now sit back and wait for soaring electric bills to be delivered to a mailbox near you. Maybe you thought just conservatives would be getting jacked. The irony of libturds.
Coal is filthy energy. Lung disease. Early deaths– not just the miners but the people living around the coal plants. Why would anyone wish that on anyone? Why not work in cleaner energy?
Hi frog, this is not one of my “beg to differ” moments but my Grandfather lived to be 89 with black lung disease from an early age and he was great until I believe an eye infection, possibly exposing himself to hornet’s nest poison, finally brought him down. He was as fine as samurai steel until close to the end. He believed in life which sounds trite but he enjoyed the simple pleasures. “The fact is the sweetest dream that labor knows.”
Mowing
by Robert Frost
There was never a sound beside the wood but one,
And that was my long scythe whispering to the ground.
What was it it whispered? I knew not well myself;
Perhaps it was something about the heat of the sun,
Something, perhaps, about the lack of sound—
And that was why it whispered and did not speak.
It was no dream of the gift of idle hours,
Or easy gold at the hand of fay or elf:
Anything more than the truth would have seemed too weak
To the earnest love that laid the swale in rows,
Not without feeble-pointed spikes of flowers
(Pale orchises), and scared a bright green snake.
The fact is the sweetest dream that labor knows.
My long scythe whispered and left the hay to make.
My pride in my Grandfather gives me a soft spot sentimentality about coal but it can only be used sparingly.
I’ve said it before, you haven’t lived until you’ve stoked a one ton coal stove or a coal furnace. Luckily, I only had to do it when I was young and only when I visited the G-Parents.