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