Peabody Energy Corp., the world's largest privately owned coal producer, filed for chapter 11 protection today in the wake of a sharp fall in coal prices that left it unable to service a recent debt-fueled expansion into Australia, Reuters reported. The company listed both assets and liabilities in the range of $10 billion to $50 billion, according to a court filing. Peabody's Chapter 11 bankruptcy filing ranks among the largest in the commodities sector since energy and metals prices began to fall in the middle of 2014 as once fast-growing markets such as China and Brazil began to slow. Peabody has secured $800 million in debtor-in-possession financing from both secured and unsecured creditors, including a $500 million term loan, $200 million bonding accommodation facility and a letter of credit worth $100 million. The case is in the U.S. Bankruptcy Court for the Eastern District of Missouri, St. Louis, case number 16-42529.
