Peabody Energy approved for financing amid bankruptcy | VailDaily.com

Peabody Energy approved for financing amid bankruptcy

STEAMBOAT SPRINGS, Colo. — Officials with Peabody Energy say they hope additional financing will help them maintain operations at the Twentymile Mine in Routt County amid bankruptcy proceedings.

The Steamboat Pilot & Today reports (http://bit.ly/1OP0mG6 ) that the U.S. Bankruptcy Court in Missouri on Tuesday approved $800 million in financing for Peabody, which is restructuring $6.2 billion in debt it could no longer make payments on.

Despite the debt troubles, Peabody officials say all of their American mining operations are cash-flow positive.

About 300 people work at the Twentymile Mine. Peabody officials say all those workers will continue to receive normal wages and benefits, pending court approval.

———

Information from: Steamboat Pilot & Today, http://steamboatpilot.com/




News