Peabody reaches deal with creditors
December 31, 2020
GILLETTE — In a move that could potentially stave off a second Chapter 11 bankruptcy in five years for Peabody Energy Corp., the company has announced an agreement with its creditors to refinance $459 million of debt.
The agreement, made in a Christmas Day a press release, includes all of its revolving lenders and about 65% of its 6% senior secured notes due in 2022. In the release, the company calls the deal a “comprehensive financing solution” to help give it some financial breathing room as it continues to drown in red ink.
“Today’s announcement is significant for the company a...