Peabody Energy plunges after update on reorganization plan support

|About: Peabody Energy Corporation (BTU)|By:, SA News Editor

Peabody Energy (BTUUQ -22.6%) plunges as much as 25% in early trading after providing an update regarding additional support for its plan of reorganization.

BTU says additional holders of 11.8% of the outstanding principal amount of its senior secured second lien notes and 8% of the outstanding principal amount of its senior unsecured notes that had been granted additional time have joined the company's plan support agreement.

BTU says holders of 94.9% of the outstanding principal amount of senior secured second lien notes and 80.3% of the outstanding principal amount of senior unsecured notes now are parties to the PSA, backstop commitment agreement and private placement agreement.

Subscribe for full text news in your inbox