Coal producer Peabody Energy Corporation BTU shares are plummeting on Thursday after the company announced that its shareholders have approved a 15-1 reverse stock split. The coal industry has been hit particularly hard during the current commodity pricing slump, but the most recent blow is a tough one for Peabody shareholders.

Slew Of Bankruptcies

Coal investors have endured a minefield of bankruptcies in recent years. Alpha Natural Resources, the second-largest public coal company at the time, filed for Chapter 11 just last month. Alpha joined the bankruptcy ranks of Walter Energy, Patriot Coal, James River Coal and numerous other smaller coal names that have filed for bankruptcy during this downturn.

Staying Above Water

The financial health of two of the largest remaining coal names, Peabody and rival Arch Coal Inc ACI 3.87% remains…

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