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Lenders approve Peabody's extension of reorganization deadlines

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Lenders approve Peabody's extension of reorganization deadlines

Debtor-in-possession lenders have given approval to seekdeadline extensions related to its reorganization plan.

The energy company is seeking to push back the deadlines foran acceptable reorganization and disclosure statement to Nov. 23 and Dec. 14,respectively. The original debtor-in-possession financing deadlines were Oct.11 and Nov. 9, according to a company release. Peabody also wants to push backits deadline for receiving court approval for its disclosure statement from thecurrent Jan. 8, 2017, deadline to Jan. 31, 2017.

"The company intends to use this additional time toexpand discussions with key stakeholders around issues that, when resolved,would greatly advance consensus on the company's plan of reorganization,"the release said. "Peabody believes that an extension of these milestonedates is appropriate to provide the best opportunity to bring these discussionsto successful conclusion."

On top of the date changes, the coal producer is alsoseeking to amend the intercompany loan facility related to its Australianentities. "Peabody has stated that its Australian metallurgical andthermal coal platforms remain core to the company, though Peabody is exploringpotential sale of selected Australia assets as part of its ongoingplan to optimize its portfolio," the release said.

News sources reportedin August that Peabody was starting divestment plans for its Metropolitan andMillennium mines in Australia.

The energy company will now seek court approval of thedeadline extensions, and it noted that it still plans to completereorganization within 12 months of its original filing for Chapter 11protection in April 2016.