US-based coal miner Peabody Energy has announced that it has filed for bankruptcy protection for the majority of its US entities in the United States Bankruptcy Court for the Eastern District of Missouri. Through this process, the company intends to reduce its overall debt level, lower fixed charges, improve operating cash flow and position the company for long-term success, while continuing to operate under the protection of the court process amid an unprecedented industry downturn. In connection with the process, Peabody has obtained $800 million in debtor-in-possession financing facilities.
Peabody Energy stated that all of its US mines and offices are continuing to operate in the ordinary course of business and are expected to continue doing so for the duration of the process. No Australian entities are included in the filings, and Australian operations are continuing as usual.