Peabody Energy Bankruptcy Plan Confirmed After Valuation Battle

Peabody Energy Corp. won a bankruptcy judge’s approval of a reorganization plan that will cut about $5 billion of debt, save more than 6,000 jobs and prevent the liquidation of the coal miner’s assets (Peabody Energy Corporation, Bankr. E.D. Mo., No. 4:16-bk-42529, 3/16/17).

“One could say this is a great day for Peabody, a great day for its employees, a great day for its retirees,” U.S. Bankruptcy Judge Barry Schermer said on March 16 in St. Louis.

In confirming the plan, the judge overruled the objections of a group of investors that tried to push through a rival ...