Most energy experts say coal will probably provide as much as a third of the nation’s power for years to come. They point out that several European and Asian countries continue to rely on coal for electricity, even as they try to turn more to renewable power sources like wind and solar.

Peabody still produces coal for customers in 25 countries on six continents.

“It’s a very mixed picture,” said Daniel Yergin, the energy historian and vice chairman of IHS, the energy consulting firm. “Coal plants in the U.S. will continue to retire, but coal will continue to be part of electricity generation in the United States.”

He added, “China’s plans, even with its renewables push, still show a rise in coal consumption.”

Peabody’s debt troubles, which have been standard across an industry that bet heavily on China and other international markets, originated in a 2011 offer of more than $4 billion for Macarthur Coal, an Australian supplier of metallurgical coal for Asian steel mills.

But expectations for growing Asian economies proved to be unrealistic. Growth in steel production in China was disappointing as the country began to shift its economy from exports toward more domestic consumption. At the same time, India is expanding its railroad system to connect its own coal fields to domestic industry.

Now, with the industry in near free fall, many banks are pulling away from financing coal projects. Utilities are closing aging coal-fired power plants rather than upgrade them to meet new environmental standards, in large part because the glut of natural gas has offered a cheaper alternative.

While filing for protection for its American assets in Federal Bankruptcy Court in the Eastern District of Missouri, Peabody disclosed that it has had problems selling holdings in Colorado and New Mexico. Peabody’s last best hope to avert bankruptcy was its attempt to sell three mines to Bowie Resource Partners, but that company has had trouble raising the full $650 million in debt to acquire them.

Not surprisingly, environmentalists who have been leading an effort to persuade investors and banks to divest from coal cheered the new bankruptcy.