St. Louis, Missouri-based metallurgical coal producer Peabody announced this week that it has emerged from Chapter 11 protection with a transformed capital structure, including new equity that is expected to begin trading on the New York Stock Exchange.
In accordance with the company's prior announcements and, as required by the plan of reorganization confirmed by the bankruptcy court, the company's common stock that had been trading under the ticker symbol BTUUQ was extinguished with no value effective at 4 p.m. EDT on April 3, 2017—the company’s new ticker symbol will be BTU.
In the past year, Peabody has reduced debt by more than $5 billion from pre-filing levels at March 2016, the company said, adding that their financial focus will now be on reducing debt, targeting high-return investments and returning cash to shareholders over time.
“We look forward to this next phase in our company's history,” said Peabody President and Chief Executive Officer Glenn Kellow. “Coal remains an essential part of the energy mix, and Peabody is the largest US coal producer while our Australian platform has access to the higher-growth Asia-Pacific region.”