Peabody Energy files for bankruptcy; ‘Stairway to Heaven’ suit can proceed
St. Louis-based Peabody Energy filed for Chapter 11 bankruptcy protection Wednesday, about a month after the coal company first confirmed such a move was possible when it announced it had skipped more than $71 million in interest payments.
Peabody is the largest privately-held coal company in the world, and it’s following the downward trajectories of rival companies like Arch Coal and Alpha Natural Resources, companies which already have gone bankrupt. Most of Peabody’s U.S. entities also declared bankruptcy, but some international entities are unaffected.
The company in 2015 clocked a net loss of more than $2 billion. At the end of that year, its total debt reached $6.1 billion. Steep drops in coal prices and overproduction of other energy sources — namely natural gas — have sent the coal industry reeling.
Trading of Peabody stock was halted Wednesday, but the company said its offices and mines would still operate.
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The breakdown of contract talks between Verizon and its wireline employees led to those employees walking off the job starting Wednesday.
It’s the second strike of Verizon employees since 2011. The union employees who install, maintain and repair telephone and communications lines are represented jointly by the Communications Workers of America and the International Brotherhood of Electrical Workers. Verizon had proposed cuts to employee pension and healthcare benefits, which led to the contract negotiations that have been ongoing since August 2015.
Areas affected by the strike of the 40,000 workers include nine east coast states and Washington, D.C.
Verizon reported it had been training non-union employees over the past year to take up the slack left by those on strike.
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By 1971 Led Zeppelin was already famous, but when what is arguably the band’s greatest song came out that year — “Stairway to Heaven” — the group’s fate in mega-stardom was sealed.
The problem: Is ‘Stairway’ really theirs?
A Judge in Los Angeles has ruled that the iconic opening measures of the eight-minute song sound enough like an obscure song from an obscure band Zeppelin used to tour alongside in the late 1960s that a copyright infringement suit can proceed.
The obscure band: Spirit. The song? “Taurus.”
If the court finds in favor of Spirit, Led Zeppelin may have to hand over a check sharing royalties the band earned from one of the most famous rock ‘n’ roll songs on the planet.
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Southwest Airlines flew under the radar when it increased its EarlyBird Check-In fee last week.
The carrier does not assign seats, but rather seats passengers in groups determined by when they check in for their flights. You can pay a fee to check-in early, ensuring better chances at getting a seat you want.
That used to cost $12.50 per passenger each way, but now it’s $15 each way.
EarlyBird check ins first appeared in 2009. In 2015 the fee generated $280 million for Southwest.
This story was originally published April 13, 2016 at 9:48 AM with the headline "Peabody Energy files for bankruptcy; ‘Stairway to Heaven’ suit can proceed."