Coal miner Peabody emerging from bankruptcy

4 months 2 weeks 1 day ago Monday, April 03 2017 Apr 3, 2017 Monday, April 03, 2017 5:11:29 PM CDT April 03, 2017 in News
By: The Associated Press

ST. LOUIS (AP) — Coal miner Peabody Energy says it has emerged from bankruptcy protection after a year.

The St. Louis company said Monday that it reduced costs and slashed its debt load by more than $5 billion in the past year.

The company says its shares will resume trading Tuesday on the New York Stock Exchange.

Demand for coal has weakened as utilities switch to cheaper natural gas for electricity generation. The downturn has led to thousands of job losses and devastated mining communities.

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