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Peabody Energy wins court approval for steps to emerge from bankruptcy

Peabody Energy Corp. has won court approval for several of its reorganization initiatives, paving the way for the company to take the next steps to emerge from its bankruptcy.

A Jan. 26 press release from Peabody announced approval of the company's disclosure statement, which allows Peabody to solicit creditors to vote on the proposed plan of reorganization. Peabody also received court approval for its plan support agreement, private placement agreement and backstop commitment agreement.

Peabody said it would begin soliciting votes for its plan ahead of a March 3 voting deadline and a March 16 hearing to consider confirmation of the plan. Peabody plans to begin soliciting votes immediately.

"Today's court approval of our disclosure statement is another important step forward, allowing our creditors to vote on our plan of reorganization and bringing Peabody ever closer to emergence," said Peabody President and CEO Glenn Kellow. "We are encouraged by the broad support to date, and look forward to continuing to build momentum."

Though the company has faced objections from certain parties, it said its plan for an emergence and related agreements "reflect a broad consensus for the company's Chapter 11 plan among key representatives of its largest creditor constituencies."

"We believe the plan maximizes the value of the enterprise and paves the way for a sustainable future for Peabody," Kellow said.