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%.