Despite coal woes, Peabody Energy official optimistic

3 years 10 months 4 weeks ago Saturday, March 26 2016 Mar 26, 2016 Saturday, March 26, 2016 10:48:58 AM CDT March 26, 2016 in News
By: The Associated Press

ST. LOUIS (AP) — The coal industry is struggling, but a spokesman for St. Louis-based Peabody Energy says neither coal nor the company is going away.

Heavy debt loads are weighing on companies like Peabody that made acquisitions when coal prices peaked, prompting a lengthy slump.

Peabody, the nation's largest coal company, warned earlier this month that it may have to file for bankruptcy.

But Vic Svec, Peabody's spokesman and vice president of investor relations, told the St. Louis Post-Dispatch that the company intends to stay in St. Louis "for a long time to come."

Peabody was founded in Chicago in 1883 but relocated to downtown St. Louis in 1957. The company has 375 people at its headquarters, which controls mines from Wyoming to Australia.

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