The Obama administration's war on coal claimed its most significant victim as Peabody Coal, the largest private coal company in the world, filed for bankruptcy today, citing several factors, including "ongoging regulatory challenges." CNN Money: "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. In addition to plummeting coal prices, the company cited weakness in China's economy, overproduction of domestic shale gas and ongoing regulatory challenges as reasons for its declining prospects. Peabody reported a loss of $2 billion last year. Revenue tumbled 17% to $5.6 billion as the average price and amount of coal that it sold fell. It warned of further declines this year due to reduced use of coal by U.S. utilities, along with lower...(Read Full Post)