- 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.