Peabody Energy Corp, (NYSE:BTU) the largest U.S. coal producer, raised substantial doubt about its ability to remain as a going concern and said it may need to seek Chapter 11 bankruptcy protection, after it delayed an interest payment.
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Peabody said it skipped a $71.1 million interest payment on its senior notes due on Tuesday, kicking off a 30-day grace period. (http://1.usa.gov/22jEJnJ)
The company flagged bankruptcy risk under the "risk factors" section of a regulatory filing on Wednesday. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Don Sebastian)