Peabody Energy Emerges from Bankruptcy
U.S. coal miner Peabody Energy Corp said it had emerged from Chapter 11 protection and was expected to begin trading on the New York Stock Exchange on Tuesday under the ticker symbol BTU.
The largest U.S. coal producer filed for bankruptcy protection in April 2016, after a sharp drop in coal prices left it unable to service debt of $10.1 billion.
The company said it had reduced its debt by more than $5 billion since March 2016.
Peabody will focus on reducing debt, targeting high-return investments and returning cash to shareholders over time, Chief Executive Officer Glenn Kellow said.
Reporting by Komal Khettry
