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Business Matters: Coal giant Peabody files for bankruptcy protection

News

coalmine.jpg

14/04/2016 GMT

Coal giant Peabody files for bankruptcy protection

BBC World Service - Business Matters, Coal giant Peabody files for bankruptcy protection

Peabody Energy, the world's biggest coal miner, has filed for bankruptcy protection.

Peabody Energy, the biggest coal miner in the world, has filed for bankruptcy protection from its creditors.

The world's largest coal-miner, Peabody Energy of the United States, has filed for bankruptcy protection from its creditors.

It's been hit by a sharp fall in the price of coal, which has left it unable to pay its debts. Several of its domestic rivals have already filed for bankruptcy.

Regulators in the United States say plans prepared by some of America's biggest banks on how they would wind down their operations in the event of a crisis are insufficient.  Five banks - including the giants JP Morgan and Bank of America - have outright failed the tests. 


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Jon Bithrey is joined throughout the programme to discuss these topics and more by Peter Morici from the University of Maryland and also from Beijing by a new friend of the show, China correspondent for the DPA press agency Joanna Chiu.


(Image: Coal hoppers in front of a coal tower. Credit: Luke Sharrett/Getty Images)

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