Colorado School District Crisis Linked To Peabody's Troubles
DENVER (AP) — A 300-student Colorado school district is turning to the state after being caught up in a giant coal company's financial woes.
South Routt County schools officials are to meet with the state education board Thursday to request funds from contingency reserves after Peabody Energy failed to make a property tax payment. Peabody filed for bankruptcy protection in April.
The district near Steamboat Springs says the nation's largest coal producer provides 40 percent of the revenue raised locally to help keep its one elementary, one middle and one high school running. The district puts its shortfall due to uncollectable taxes at more than $1 million in total for this fiscal year and next.
Peabody says Routt's will be among claims addressed in its Chapter 11 plan.
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