Coal firm Peabody has emerged from Chapter 11 bankruptcy proceedings and re-listed on the New York Stock Exchange.
Coal firm Peabody has emerged from Chapter 11 bankruptcy proceedings and re-listed on the New York Stock Exchange.
Peabody, the world’s largest private sector coal mining firm, has undergone a year-long process of restructuring and cost-cutting after declaring bankruptcy a year ago. It said that it was well positioned to createcreate value for its shareholders over time.
“Peabody is the only global pure-play coal investment, and we have the scale, quality of assets and people, and diversity of geography and products to be highly competitive,” said Peabody President and Chief Executive Officer Glenn Kellow. “We also have taken significant steps to create a capital structure to succeed through all cycles.
“Our financial focus will now be on reducing debt, targeting high-return investments and returning cash to shareholders over time.”
In the past year, Peabody has reduced debt by more than $5 billion, accelerated its coal mine restoration and strengthened its Australia platform. “We look forward to this next phase in our company’s history,” said Kellow. “Coal remains an essential part of the energy mix, and Peabody is the largest US coal producer while our Australian platform has access to the higher-growth Asia-Pacific region.”