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Cases / Liability shifting (spin-offs, bankruptcy, closure bonds) · United States · 2015–2016

Coal bankruptcies bring Peabody's self-bonds into view

Short record: the main facts, with sources. A full case file has not been prepared.

Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 2 none on record · 3 insufficient · 1 not measured See the gaps

Coal company bankruptcies in 2015 and 2016 made self-bonds visible; these are the company guarantees that secured mine cleanup. Peabody held 1.1652 billion dollars of them nationally and is also listed among ALEC supporters.

What?
Coal bankruptcies exposed self-bonds that secured mine cleanup; Peabody held 1.1652 billion dollars nationally Western Organization of Resource Councils (WORC)
Where?
Wyoming and the United States Western Organization of Resource Councils (WORC)
When?
2015–2016; figures dated 13 September 2016 Western Organization of Resource Councils (WORC)
Who?
Gained
Lost
None on record
Harmed
None on record
Why?
Not stated in the sources reviewed.
How?
Self-bonds used to secure mine cleanup; bankruptcies made them visible Western Organization of Resource Councils (WORC)
6 of 6 questions answered from the record

What happened

The record, in order.

Coal company bankruptcies in 2015 and 2016 brought self-bonds into public view. In figures dated 13 September 2016 for Wyoming and the United States, Arch Coal held 486.5 million dollars of self-bonds in Wyoming and Peabody held 1.1652 billion dollars nationally, about one-third of the national total, according to the Western Organization of Resource Councils.

KOWB reported that Wyoming reached a deal with Arch Coal covering one-sixth of the bonding sum.

Peabody is listed among supporters of the American Legislative Exchange Council, alongside Chevron, Marathon and Koch Industries, according to Common Cause.

    In court and with insurers

    Every proceeding and every insurer decision on record.

    Lawsuits and rulings

    No court case on record. No court has ruled on this case.

    Insurers

    No insurer decision on record.

    What we don't know

    Undisclosed, unproven, untried: recorded as data.

    Nature

    • Not measured Harm to nature: The record holds no measurement of harm to nature.

    Record

    • Insufficient Reported but not verified: Peabody's 2007 split of Patriot Coal, Patriot's 2012 bankruptcy and Peabody's 2013 settlement of 310 million dollars for retiree health funds.
    • Insufficient Reported but not verified: Wyoming accepted 75 million dollars instead of Arch Coal's 486 million dollar obligation during its bankruptcy.
    • Insufficient Reported but not verified: bankruptcy documents were said to show Peabody funding at least two dozen climate-denial groups; no link is given.
    • None on record Who paid the cleanup costs behind the self-bonds is not stated in the sources reviewed.
    • None on record The size of Peabody's support for ALEC is not stated in the sources reviewed.

    Did the harm stop?

    Not stated in the sources reviewed.

    Who paid?

    Not stated in the sources reviewed.

    Sources

    Voices on record: — Company or project— Government and regulators— Courts✓ Press and investigations✓ Communities and civil society— Researchers

    Press and investigations

    Communities and civil society

    1. Arch Coal replaces self-bonds
      Western Organization of Resource Councils (WORC) · 2016
    2. Who still funds ALEC
      Common Cause · 2020

    Connected cases

    Related matters, and cases linked to this one through the same organisations, with the role each played in both.
    Terms used on this page

    Bonds and banking

    Liquidation, insolvency, bankruptcy
    Legal processes that apply when a company cannot pay its debts; its assets are sold and claims against it may go unpaid.
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