On March 13, Democrat Hillary Clinton told listeners at a town hall meeting in Ohio that, as president, she would shut down coal mines and put coal miners out of their jobs. Citing her policy proposal to bring “clean, renewable energy, as the key into coal country,” Clinton said, “because we’re going to put a lot of coal miners and coal companies out of business.” Clinton also claimed that she would not forget those who have “labored in those mines.”
She was able to convince voters in Ohio, which has significant coal mines, to vote for her instead of Sen. Bernie Sanders who has called for an end to fossil fuel dependence.
Coincidently, America’s biggest coal producer is warning that it is hurtling towards bankruptcy. Shares of Peabody Energy Corp. dropped this week to $4.72 on March 14, and dropped again to $4.00 by close of business on March 15. Today, the price dropped to $2.14 as the trading day opened, falling to as low as $2.03 before close of business. On March 11, the price stood at $6.54.
According to a filing by the company, there "exists substantial doubt whether we will be able to continue as a going concern." Company shares have fallen 95% in the last 12 months, while the S&P 500 has lost 3%. Peabody has opted to exercise a grace period it has on the payment of interest on millions in loans. "These projections and other liquidity risks raise substantial doubt about whether we will meet our obligations as they become due within one year after the date of this report," said the filing.
The company said that it had incurred significant losses in operations and a negative cash flow last year. Peabody is one of the oldest corporations in the country, having been founded in 1883.