Peabody Energy Corp. filed for chapter 11 protection from its creditors just weeks after warning that it could go bankrupt, signaling the end of an era for listed U.S. corporate coal companies.

The move by St. Louis-based Peabody is the latest in a series of bankruptcies to hit top American coal producers, including Arch Coal Inc., Alpha Natural Resources, Inc., Patriot Coal Corp. and Walter Energy, Inc.

In announcing the chapter 11 filing, the coal producer said it has also dropped plans to sell assets in New Mexico and Colorado after the buyer wasn't able to complete the deal.

Peabody has filed for chapter 11 protection for most of its U.S. entities in the bankruptcy court for the Eastern District of Missouri. All mines and offices are continuing to operate during this process the company said, adding that none of its Australian operations are included in the filings and continue to operate as usual.

"Through today's action, we will seek an in-court solution to Peabody's substantial debt burden amid a historically challenged industry backdrop. President and Chief Executive Officer Glenn Kellow said.

"This process enables us to strengthen liquidity and reduce debt, build upon the significant operational achievements we've made in recent years and lay the foundation for long-term stability and success in the future," Mr. Kellow said.

As part of the process, Peabody has received $800 million in debtor-in-possession financing facilities, which were arranged by Citigroup.

Together with its existing cash position, Peabody said it has sufficient liquidity to operate its business world-wide post-petition and to continue the flow of goods and services to its customers in the ordinary course.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

April 13, 2016 04:15 ET (08:15 GMT)

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