Bankrupt Coal Miner Peabody's Business Plan gets Nod

U.S. coal miner Peabody Energy Corp said its business plan was approved by its debtor-in-possession lenders, clearing the first step towards emerging from Chapter 11 bankruptcy.

The company said on Wednesday it would also review its assets in Australia to run a "smaller but more profitable" business in the country.

Reporting by Amrutha Gayathri