Peabody Energy files for bankruptcy

St. Louis-based Peabody Energy Corp. has filed for Chapter 11 bankruptcy protection.

The world's largest private-sector coal producer will continue to operate its mines and offices during the process.

Its stock has been suspended. Shares closed yesterday at $2.06, compared to a 52-week range of $2 to $84.

In filing the petition, the company cited the price of metallurgical coal, weakness in the Chinese economy, overproduction of domestic shale gas and ongoing regulatory challenges.

To keep business flowing, Peabody obtained $800 million in debtor-in-possession financing from a lender group led by Citigroup.

Read more from the St. Louis Business Journal.