Written by Associated Press on December 29, 2020
GILLETTE, Wyo. (AP) A St. Louis-based energy company and the largest thermal coal producer in the Powder River Basin has announced an agreement with its creditors to refinance $459 million of debt, potentially staving off a second bankruptcy in five years.
The agreement by Peabody Energy Corp. includes all of its revolving lenders and about 65% of its 6% senior secured notes due in 2022, the Gillette News Record reported Monday.
The creditors have agreed to extend the 2022 notes another two years, officials said. Credit lenders also have agreed to convert existing debt into a new loan also due in December 2024.