Peabody Energy, the world’s largest private-sector coal producer, filed for bankruptcy on Wednesday in a U.S. court, citing “unprecedented” industry pressures and a sharp decline in the price of coal. The company said it will continue to operate while in bankruptcy, while working to reduce debt and improve cash flow.

“Peabody has a new management team, outstanding workforce, unmatched asset base and strong underlying operational performance that represent a key driver in the company’s future success,” CEO Glenn Kellow said in a statement announcing the Chapter 11 filing. READ MORE