Peabody Energy Corp. said top lenders accepted its reorganization plan, a key milestone in the coal miner’s chapter 11 restructuring, Dow Jones Newswires reported yesterday. Peabody said yesterday that the lenders behind its $800 million bankruptcy financing package accepted its five-year business plan, disclosed in a filing with the U.S. Securities and Exchange Commission. The 2017-21 outlook will form the basis for a chapter 11 plan of reorganization that the coal giant hopes to submit to the bankruptcy court by the end of the year. The company faced a deadline of today to submit the reorganization plan for lenders’ approval or risk being declared in default of the loan.
