Peabody Energy Corp., the world's largest private sector coal producer, said yesterday that it expects to exit its chapter 11 protection in early April after a U.S. judge said he would approve its plan to slash over $5 billion of debt, Reuters reported. Bankruptcy Judge Barry Schermer said that he was ready to sign an order to approve Peabody's bankruptcy emergence once language regarding a late settlement of certain U.S. Department of Justice complaints had been finalized. The reorganization plan, which will repay secured lenders in full, received overwhelming support from its creditors. Peabody plans to re-list on the stock market, coinciding with increased demand from Asia and anticipation of eased regulation under U.S. President Donald Trump that has fueled investor enthusiasm for coal. Read more.
The featured keynote at ABI's 2017 Annual Spring Meeting will be Spencer Abraham, former U.S. Senator and former U.S. Secretary of Energy. Additionally, a panel at the Annual Spring Meeting will be discussing legal and business developments in E&P cases. Click here to register!
