Peabody Energy | St. Louis Public Radio

Peabody Energy

A view of the outside of the Peabody Energy building in St. Louis.
St. Louis Public Radio

Peabody Energy has emerged from bankruptcy with less debt and a shift in focus. The St. Louis-based coal company spent roughly a year under Chapter 11 protection and some of the same industry-wide challenges remain – government regulation and cheaper energy producing options, such as natural gas.

In a release when Peabody emerged from bankruptcy earlier this month, Chief Executive Officer Glenn Kellow sounded upbeat.

Peabody Energy emerges from bankruptcy

Apr 3, 2017
St. Louis Public Radio

St. Louis-based Peabody Energy will again trade on the New York Stock Exchange beginning on Tuesday, as they announced that they're emerging from bankruptcy.

It will be under its old ticker symbol BTU, but company officials are calling it a new day.

“We believe that ‘The New BTU’ is well positioned to create substantial value for shareholders and other stakeholders over time,” said Peabody President and CEO Glenn Kellow in a press release.

The coal company says it shed about $5 billion in debt from the time it filed for Chapter 11 in April 2016.

Peabody wins round in court vs. shareholders

Jan 19, 2017
St. Louis Public Radio

A federal bankruptcy judge in St. Louis denied a motion Thursday to give shareholders in Peabody Energy an equity committee that would represent their interests during the coal giant’s bankruptcy.

Judge Barry Schermer delivered his ruling after the hearing, and said the cost of creating an equity committee was not justified if there was no equity to offer shareholders.

Peabody’s reorganization plan, released in December, calls for zeroing out shareholders’ equity.

Peabody describes itself as the world's largest private-sector coal company
Peabody Energy

Peabody Energy is mapping out its plan to emerge from bankruptcy protection next spring.

The coal company has filed a financial reorganization proposal with the U.S. Bankruptcy Court in St. Louis that calls for shedding more than $5 billion in debt and eventually issuing new common stock. Current shareholders would not receive anything and might oppose the plan.

St. Louis Public Radio

St. Louis-based Peabody Energy will set aside part of the funding it promised toward future mine reclamation in Illinois.

The coal giant reached a settlement with the Illinois Department of Natural Resources this week. The agreement puts “super-priority” status on $12.9 million for mine reclamation in Illinois, placing that funding ahead of other entities with claims in Peabody’s bankruptcy suit.

The motion for the agreement will be heard by a federal judge on Sept. 15.

Wayne Pratt, St. Louis Public Radio

Nine St. Louis area companies remain on the Fortune 500 list and they are the same employers who made the rankings last year. But there have been some changes in where the companies now stand in the publication’s annual tally based on fiscal year revenue.

The Sugar Camp Energy complex in southern Illinois
Foresight Energy

A St. Louis-based coal company has struck a deal with bondholders of most of its $600-million debt. Foresight Energy's agreement follows months of negotiations after it was partially acquired last year by Ohio-based Murray Energy Corporation. Here's what you should know about Foresight Energy as it strives to avoid following  St. Louis-based Peabody Energy and Arch Coal, which have filed for bankruptcy protection.

Maria Altman | St. Louis Public Radio

It’s not clear whether the Peabody Opera House will keep its name.

That’s after Peabody Energy filed for bankruptcy last Wednesday. The St. Louis-based coal giant aims to restructure in the midst of a major downturn for the industry. In its bankruptcy filing, it listed $11 billion in assets and $10 billion in liabilities.

A view of the outside of the Peabody Energy building in St. Louis.
St. Louis Public Radio

Peabody Energy says all mines and offices will continue to operate even though the St.Louis-based company has filed for bankruptcy. Chief Executive Officer Glenn Kellow says the move allows Peabody to seek an in-court solution to its debt problems.

Peabody And Arch Lay Off Employees At Wyoming Mines

Apr 2, 2016

The country's two largest coal mines are each laying off roughly 15 percent of their employees. Peabody Energy and Arch Coal both announced the layoffs Thursday morning. The cuts will affect roughly 235 workers at Peabody’s North Antelope Rochelle mine and 230 at Arch's Black Thunder mine.

(Peabody Energy, via Wikipedia Commons)

Peabody Energy has three coal mines in far southern Illinois, all of which are still producing coal.

When those mines eventually shut down, the company is required by state and federal laws to pay for the clean-up and reclamation of the land. St. Louis-based Peabody has guaranteed the state of Illinois it has the estimated $92 million to cover that work.

But as the company considers bankruptcy, some question whether the St. Louis-based company’s promise is worth much.

Peabody admits bankruptcy may be in its future

Mar 16, 2016
Peabody Energy
(St. Louis Public Radio)

Peabody Energy says it may have to file for bankruptcy.

The St. Louis-based coal company filed a report with the Securities and Exchange Commission on Wednesday.

What would a Peabody Energy bankruptcy mean?

Mar 9, 2016
Peabody Energy
(courtesy Peabody Energy)

St. Louis-based Peabody Energy could be headed for bankruptcy court.

In filings with the Securities and Exchange Commission last week Peabody said some of the company’s senior lenders are pushing the coal giant toward in-court restructuring. That comes as Peabody is trying to sell three mines to Bowie Resource Partners in a deal worth $463 million.

Coal Miners Movement emerges in southern Illinois

Feb 18, 2016
coal
(flickr, Atze van Dijk)

Bob Sandidge has been in the coal industry for 40 years.

But he’s never seen it this bad.

"You turn around and one company lays off people, and another company just filed for bankruptcy and another company is cutting way back,"” he said.

The co-owner of S & L Industries in Saline County, Illinois, Sandidge does contract work in coal mines. He said even small business owners in the area are beginning to feel the effects of coal’s downturn.

"It’s been pretty quiet around here," he said.

A view of the outside of the Peabody Energy building in St. Louis.
St. Louis Public Radio

Updated 11:30 a.m., Jan. 5 with details of new agreement - A health fund for retired miners will stay solvent for at least 10 more months.

Peabody Energy and the United Mine Workers of America have reached an agreement. The company will pay $75 million into the health fund this year, but will not have to pay $70 million next year.

St. Louis Public Radio

St. Louis-based Peabody Energy is revising how it anticipates efforts to address climate change could affect the company's bottom line.

How Peabody Energy is coping with coal’s downturn

Oct 6, 2015
St. Louis Public Radio

The coal industry has hit hard times.

This summer several coal companies, including Alpha Natural Resources and Patriot Coal, filed for bankruptcy.

St. Louis-based Peabody Energy, the world’s largest private coal company, is not immune. The coal giant’s share price has fallen nearly 97 percent in the last five years. The company recently did a reverse stock split, bundling 15 shares into one in order to avoid share prices going below $1.

Peabody Energy spokesman Vic Svec said as a commodity business, they’re used to the volatility.

St. Louis Public Radio

(Updated at 12:20 pm July 30, 2015 with Arch Coal quarterly results)

St. Louis-based Arch Coal has followed Peabody Energy this week in posting a significant quarterly loss. The company says its net loss widened to $168 million, compared to roughly $97-million for the same period a year earlier.
(Read the Arch Coal earnings report)

"Arch continues to weather the significant market challenges facing the industry," said Chief Executive Officer John W. Eaves.

(Chris McDaniel/St. Louis Public Radio)

Updated June 30, 2015 with appeals court ruling - A Missouri appeals court panel has rejected an effort by St. Louis-based activists to limit the economic incentives by the city to Peabody and other energy companies.

St. Louis Public Radio

Peabody Energy is cutting about 250 corporate and regional positions.

The St. Louis-based company’s President and CEO Glenn Kellow made the announcement on Monday. The company expects to save $40- 45 million annually after the cuts go into effect.

"While we regret the impact that these actions have on employees, their families and communities, today’s announcement represents another necessary step to drive the company lower on the cost curve," said Kellow in a statement.

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