Peabody Energy, the owner of Colorado’s second-largest coal mine, the Twentymile mine in northwest Colorado, has filed for Chapter 11 bankruptcy.
The St. Louis-based company (NYSE: BTU), like many of its peers, has struggled with dropping demand for coal.
Peabody listed $10.1 billion in debts and $11 billion in assets, including ownership interest in 26 active mines in the U.S. and Australia. The company also said it has obtained $800 million in debtor-in-possession financing agreements, which were arranged by Citigroup and include a number of the company’s secured lenders and unsecured noteholders.
Read more at the Denver Business Journal: http://bit.ly/1Q7KZma
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