This isn't the end for Peabody, let alone the industry. It'll be business as usual while the company reorganizes, and this doesn't include Peabody's Australian (steelmaking-focused) business. As Bloomberg notes, developing regions like India and Southeast Asia still lean heavily on coal. Even in the US, where many are shifting toward renewable energy, about 28 percent of power comes from coal.

Nonetheless, the bankruptcy shows just how far the coal business has fallen. While the industry has tried to remain relevant with "sustainable" practices (such as restoring land), it's just not as desirable as it once was -- especially not in a world where carbon emissions are becoming enemy number one. And when clean energy sources like solar and wind power are almost as cheap as the dirty kind, it's doubtful that coal will ever return to its heyday.