Peabody Energy Corporation (BTUUQ) - OTCPK - Current
  • Wed, Jul. 27, 2:24 PM
    • Peabody Energy (OTCPK:BTUUQ) reaches a deal to cover mine clean-up liabilities while in bankruptcy with three U.S. states reaches agreement with states on financial assurances in support of coal mine restoration activities
    • Under agreements reached with Wyoming, New Mexico and Indiana, ~15% of BTU's $1.2B self-bonds will be secured by debtor-in-possession financing during its bankruptcy; the deals do not specify whether BTU must replace its self-bonds once it emerges from bankruptcy, as Alpha Natural Resources did in its bankruptcy deal with Wyoming.
    • Peabody's agreement must be approved by a federal bankruptcy judge at a hearing in August.
    | Wed, Jul. 27, 2:24 PM | 1 Comment
  • Thu, Jun. 2, 4:58 PM
    • Peabody Energy (OTCPK:BTUUQ) is suing Bowie Resource Holdings over the collapse of last year's $358M offer to acquire BTU’s Colorado and New Mexico mines.
    • The lawsuit, filed at the U.S. Bankruptcy Court in St. Louis, seeks to collect a $20M termination fee from Bowie, plus interest, costs and expenses.
    • The sale was a condition of a bond exchange BTU was hoping to use to restructure its debt outside of bankruptcy court; the company cited the failed sale, along with other factors, as reasons it sought Chapter 11 protection in April.
    | Thu, Jun. 2, 4:58 PM | 25 Comments
  • Wed, May 18, 4:58 PM
    • The U.S. is considering whether to reign in the self-bonding subsidy on coal mine cleanup costs and thus shield taxpayers from those liabilities, says the director of the Office of Surface Mining and Reclamation Enforcement.
    • Peabody Energy (OTCPK:BTUUQ), Arch Coal (NYSE:ACI) and Alpha Natural Resources (OTCPK:ANRZQ) have gone bankrupt in the last 10 months and left behind ~$3.6B in self-bond liabilities.
    • Environmentalists have warned officials that coal-producing states in the west left the self-bonding program open to abuse, and the regulator says it will investigate those concerns.
    | Wed, May 18, 4:58 PM | 11 Comments
  • Wed, May 18, 4:26 AM
    • Peabody Energy (OTCPK:BTUUQ) has won final bankruptcy-court approval for an $800M financing package after lenders made concessions to appease creditors.
    • Peabody said final approval on the Chapter 11 financial arrangements ensures the company can continue operating as usual while it works through a load of debt that it can't support given the declines in coal demand and prices.
    | Wed, May 18, 4:26 AM | 8 Comments
  • Tue, May 17, 5:27 PM
    • Peabody Energy (OTCPK:BTUUQ) says it has obtained final bankruptcy court approval for an $800M financing package after lenders made concessions to appease creditors.
    • BTU says final approval ensures that it can continue normal operations while it works through debt levels it cannot support given the declines in coal demand and prices; as of the end of 2015, BTU carried assets worth ~$11B and liabilities of more than $10B.
    • BTU’s bankruptcy financing includes a $500M term loan, $200M earmarked to cover environmental obligations and a $100M letter of credit.
    | Tue, May 17, 5:27 PM
  • Wed, May 11, 8:37 AM
    • Peabody Energy (OTCPK:BTUUQ) agrees to sell its interest in undeveloped metallurgical coal reserve tenements in Australia's Bowen Basin for A$104M plus a royalty stream.
    • The transactions consist of undeveloped and probable reserves of ~165M metric tons.
    • Peabody earlier this year filed for Chapter 11 bankruptcy protection for the majority of its U.S. entities.
    | Wed, May 11, 8:37 AM | 22 Comments
  • Thu, Apr. 14, 2:23 PM
    • April defaults for U.S. high yield bonds, headlined by bankruptcy filings from Peabody Energy (NYSE:BTU) and Energy XXI (EXXI -72%) plus a missed payment for Linn Energy (LINE -15.4%), now total $14B, after Q1 defaults came in at $15.7B, according to a report from Fitch Ratings.
    • The trailing 12-month rate for junk bond defaults has surged to a two-year high 3.9%, Fitch says - 12% of all energy companies, 23% of E&P companies with EXXI's $2.8B in outstanding debt, and a 70% rate in the coal subsector including BTU's $8.4B debt.
    • U.S. crude oil prices have staged a mini-recovery to ~$40/bbl but remain below typical breakeven production costs, so B- or lower-rated E&Ps are struggling in the secondary market, with 57% of those companies bid below $0.50, the ratings agency says.
    • Now read Energy XXI: It's just business, nothing personal
    | Thu, Apr. 14, 2:23 PM | 24 Comments
  • Wed, Apr. 13, 3:40 PM
    • Today's bankruptcy filing of Peabody Energy (NYSE:BTU) comes after a failed effort earlier this year to use its Australian unit to avoid chapter 11 and restructure out of court, WSJ reports.
    • BTU had hoped to avoid a sale of most of its U.S. mining assets by raising new debt that was secured by the Australian subsidiary and another unit unencumbered by company guarantees, but the deal fell apart when BTU failed to complete the sale of its New Mexico and Colorado coal mines.
    • The company now intends to redirect its efforts to restructuring its debts in Chapter 11 while riding out the historic coal industry storm; shares have been halted all day.
    • Kinder Morgan (KMI -1.2%) is lower after the bankruptcy filing; Simmons analyst Brian Gamble says that while the BTU news is not a surprise, the headline could weigh on KMI since the company had said in January that the magnitude of its remaining exposure to coal was solely with BTU and amounted to ~$30M in total EBITDA.
    • Now read Peabody Energy: Post mortem
    | Wed, Apr. 13, 3:40 PM | 22 Comments
  • Wed, Apr. 13, 3:23 AM
    • Shares of Peabody Energy (NYSE:BTU) have been suspended after the U.S. coal giant voluntarily filed for Chapter 11.
    • "Through this process, the company intends to...position [itself] for long-term success, while continuing to operate under the protection of the court process," the firm said in a statement.
    • The bankruptcy comes in the wake of a sharp fall in coal prices that left Peabody unable to service a recent debt-fueled expansion into Australia, however its operations Down Under will not be included in the filings.
    | Wed, Apr. 13, 3:23 AM | 59 Comments
  • Mon, Apr. 4, 5:42 PM
    • Top gainers, as of 5.25 p.m.: BTU +4.4%. RH +4.2%. SBGL +3.5%. NEU +2.6%. FCAU +2.6%.
    • Top losers, as of 5.25p.m.: KBH -22.2%. AGN -19.7%. NATI -11.4%. JD -7.1%. KEYS -4.9%.
    | Mon, Apr. 4, 5:42 PM | 6 Comments
  • Thu, Mar. 31, 8:11 AM
    • Peabody Energy (NYSE:BTU) says it plans to lay off ~235 employees from its North Antelope Rochelle mine in the Powder River Basin which straddles Montana and Wyoming.
    • After the reductions, which affect ~15% of the workforce at the mine, BTU's Powder River basin operations will employ ~1,500 workers, of which 1,150 will be at North Antelope.
    • BTU says the U.S. coal industry has seen unprecedented shipment declines this year; heating degree days YTD are 17% lower than last year, with March heating degree days down nearly 30% vs. the 10-year average.
    • BTU +2% premarket.
    | Thu, Mar. 31, 8:11 AM | 5 Comments
  • Thu, Mar. 24, 12:47 PM
    | Thu, Mar. 24, 12:47 PM | 2 Comments
  • Tue, Mar. 22, 5:41 PM
    • Top gainers, as of 5.25 p.m.: AFFX +5.1%. SCS +5.0%. DF +2.7%.ODP +2.3%. HZNP +2.0%.
    • Top losers, as of 5.25p.m.: BTU -5.6%. KKD -5.4%. SHLX -5.2%. INSY -4.7%. FIVE -4.5%.
    | Tue, Mar. 22, 5:41 PM
  • Mon, Mar. 21, 6:45 PM
    • Illinois' attorney general is asking Peabody Energy (NYSE:BTU) to explain how it would cover $92M in future cleanup costs in the state if the company sought bankruptcy protection.
    • AG Lisa Madigan wrote in a letter to BTU expressing "significant concerns about Peabody's ability to fulfill its self-bonding obligations," and wants BTU to "publicly disclose financial information" that underpins its application to self bond in the state, Reuters reports.
    • BTU, the top U.S. coal producer, said last week that it may need to seek bankruptcy protection; if that happens, a judge would decide how to prioritize liabilities such as the $92M in future cleanup costs in Illinois that are not guaranteed by cash, bonds or other securities.
    | Mon, Mar. 21, 6:45 PM | 13 Comments
  • Thu, Mar. 17, 9:15 AM
    | Thu, Mar. 17, 9:15 AM
  • Thu, Mar. 17, 9:01 AM
    • via Bloomberg:
    • "By Tuesday afternoon, callers to Peabody’s investor relations office heard this recorded message: “Given ongoing activities regarding our financial objectives, Peabody is not accepting calls at this time.” In a regulatory filing Wednesday, the company said its ability to operate as a “going concern” is in doubt. For months, Peabody has tried to find rescue in the financial and capital markets. Its inability to do so underscores Wall Street’s vanishing interest in saving the lives of coal companies.
    • “For the last 10 years, Peabody’s been thought of as the bellwether of the U.S. coal space,” said Jeremy Sussman, an analyst at Clarksons Platou Securities Inc. “Any time you’re thought of as the industry leader, there’s a natural tendency to think you’re going to be the last man standing.”
    • March 17: A Stock Which Once Sold For $1300 Is Now Just $2
    • March 10: Peabody Short Squeeze: The Power Of SeekingAlpha
    | Thu, Mar. 17, 9:01 AM | 25 Comments
Company Description
Peabody Energy Corp. engages in the business of coal mining. It operates through the following segments: Powder River Basin Mining; Midwestern U.S. Mining; Western U.S. Mining; Australian Metallurgical Mining; Australian Thermal Mining; Trading and Brokerage; and Corporate and Other. The U.S.... More
Industry: Industrial Metals & Minerals
Country: United States