Peabody Energy Advances Reorganization Plan Towards Approval
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Peabody Energy has reported that additional eligible holders of approximately 16.6 percent of the outstanding principal amount of the company’s senior secured second lien notes and approximately 3.8 percent of the outstanding principal amount of the company’s senior unsecured notes became parties to the plan support agreement (PSA) relating to the company’s plan of reorganization and also joined the backstop commitment agreement (BCA) relating to the proposed $750 million common stock rights offering and the private placement agreement (PPA) relating to the proposed private placement of $750 million of mandatorily convertible preferred stock as phase two parties.
“Peabody is pleased with the continued momentum demonstrated by the substantial consensus shown among multiple creditor classes. We look forward to advancing our plan toward approval and ultimate confirmation,” said Gelnn Kellow, president and chief executive officer of Peabody.
When combined with the holdings of the creditors party to the PSA, BCA and PPA through Dec. 29, 2016, holders of approximately 40.1 percent of the company’s outstanding first lien debt are parties to the PSA, and holders of approximately 81.9 percent of the outstanding principal amount of the company’s senior secured second lien notes and 72.3 percent of the outstanding principal amount of the company’s senior unsecured notes are parties to each of the PSA, BCA and PPA.
About Peabody Energy
Peabody Energy is the world’s largest private-sector coal company and a Fortune 500 company. The company serves metallurgical and thermal coal customers in 25 countries on six continents.
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