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Bloomberg: Peabody Energy hires bankers for debt restructuring

Aug. 26, 2015 2:09 PM ETPeabody Energy Corporation (BTU) StockBTUBy: Carl Surran, SA News Editor13 Comments
  • Peabody Energy (BTU -7.2%) has hired Lazard to advise the company how to restructure its $6.3B of debt, Bloomberg reports.
  • BTU, which is suffering from a collapse in demand for coal, is said to be talking to creditors about ways to cut its debt load, including swapping obligations for new shares or convertible notes.
  • Several coal miners have filed for bankruptcy this year including Alpha Natural Resources, Walter Energy and Patriot Coal, as the price of coal used in steelmaking has dropped 72% since April 2011.

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