Peabody Energy Bankruptcy Plan Confirmed After Valuation Battle

March 16, 2017, 10:54 PM

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 ...

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