https://www.engineeringnews.co.za

Peabody gets DIP permission to amend milestones, mulls AU asset sale

12th October 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

VANCOUVER (miningweekly.com) – St Louis, Missouri-based coal producer Peabody Energy has received debtor-in-possession (DIP) approval to amend milestones related to the time for a decision on the consolidated net tangible assets (CNTA) issue.

The CNTA, which are calculated by subtracting current liabilities from total assets, will impact the potential recoveries of secured and unsecured creditors. A higher CNTA will increase the recovery of secured creditors, while a lower one will benefit unsecured creditors.

Peabody announced that, while it still intends to complete its reorganisation within the 12-month period originally contemplated for Chapter 11 cases, it will modify the deadline for receiving court approval for its disclosure statement to January 31, 2017, from the original date of January 8, 2017.

If granted, the extensions will take the CNTA-decision deadline and the deadline to file an acceptable plan of reorganisation/disclosure statement to November 23 and December 14, respectively, from the original DIP financing deadlines of October 11 and November 9. 

Peabody said that, despite its portfolio of Australian metallurgical and thermal coal assets remaining core to the company, it was exploring the potential sale of selected Australia assets as part of its ongoing plan to optimise its portfolio.

The company has received DIP lender consent to amend its loan facility related to the Australian platform, which allows for the potential sale of some Australian assets.

Peabody noted that, without meaningful progress in continuing mediation, it did not expect it would seek further extensions of the CNTA-decision milestones.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Monitor Distributors
Monitor Distributors

We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.055 0.923s - 140pq - 2rq
Subscribe Now