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Peabody appeases more creditors with updated plan

Peabody Energy Corp. has increased the consensus among creditors in an updated reorganization plan.

On Dec. 28, holders of about 25% of the outstanding principal amount of the company's senior unsecured notes and about 25% of the outstanding principal amount of the company's senior secured second-lien notes will become parties to various agreements, according to a company release.

"We are very pleased by the substantial incremental support our plan has received over the past few days," said Peabody Energy Executive Vice President and CFO Amy Schwetz. "The plan has gained significant additional consensus among Peabody's senior bondholders as we continue to move toward confirmation."

The coal producer has also reached an agreement with the creditor co-proponents of the plan to extend the deadline for the company's senior secured second-lien notes and senior unsecured notes. These will now become parties to certain agreements related to a proposed $750 million in common stock rights offering and $750 million of mandatory convertible preferred stock.

Peabody also said the U.S. Bankruptcy Court for the Eastern District of Missouri ordered it to allow certain holders of about 12% of the outstanding principal amount of Peabody's senior secured second-lien notes and about 7% of the outstanding principal amount of Peabody's senior unsecured notes to become phase-two parties to certain agreements if they submit joinders before 3 p.m. ET on Jan. 6, 2017.