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Peabody Energy Settlement Agreement Reached

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Peabody Energy, in a Company news release, announced that it has reached superpriority settlement agreement with the Illinois State Department of Natural Resources, a state in which Peabody has self-bonding obligations, regarding financial assurances in support of coal mine restoration.

The agreement follows agreements with Wyoming, New Mexico and Indiana that were approved by the bankruptcy court on Aug. 17. The superpriority agreements provide the relevant state authorities with the ability to receive cash first in priority as additional assurance for Peabody’s performance before distribution to any lender or other pre-petition creditor, up to the full amount of the company’s $200 million bonding accommodation facility. Peabody’s $800 million Debtor-in-Possession financing facility, which includes the bonding accommodation facility, provides financing for up to 18 months during the Chapter 11 process. Land restoration is an essential part of the coal mining process. As of June 30, the company had approximately $1.14 billion of self-bonding and $320 million of surety bonds supporting reclamation activities outstanding.

More news on the Peabody Energy bankruptcy.

The post Peabody Energy Settlement Agreement Reached appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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