Peabody Energy emerges from Chapter 11 bankruptcy protection

Peabody Energy entered into bankruptcy protection in April of last year after the company was unable to service its debt due to low coal prices. Company photo.

Peabody Energy to trade on NYSE under ticker symbol BTU

On Monday, Peabody Energy announced it has emerged from Chapter 11 protection with a transformed capital structure, including new equity. The company is expected to begin trading on Tuesday on the New York Stock Exchange under the ticker symbol BTU.

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Peabody, the world’s largest private-sector coal company filed for bankruptcy protection in April 2016, after the company was unable to service its debt of $10.1 billion after coal prices dropped significantly.

According to the company, it has reduced its debt by over $5 billion since March, 2016.

Peabody Energy President and CEO Glenn Kellow says he believes the company is well positioned to create value for shareholders and stakeholders over time. Kellow adds the company’s financial focus “will now be on reducing debt, targeting high-return investments and returning cash to shareholders over time.”

In accordance with the company’s prior announcements and, as required by the bankruptcy court, the company’s common stock that had been trading under the ticker symbol BTUUQ has been extinguished with no value effective Monday, April 3, 2017.

In a press release, company spokesperson Beth Sutton says in the past year, Peabody has continued to serve its global customers, reduced costs and built cash and liquidity.

“We thank our 6,700 employees and all stakeholders for their widespread support for the company and our plan of reorganization,” said Kellow.