America’s Largest Underground Coal Miner Murrey Energy Bankruptcy Looms

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  • #22165
    ClemSnide
    Participant

    Murray Energy Corporation, America’s largest underground coalminer is…

    [article]1766[/article]

    #22321
    MoneyNeverSleeps
    Participant

    Murray Energy bankrupt, files for Chapter 11

    Employs 7000 people and will continue to operate in a restructuring of more than $2.7 billion of debt after a fresh $350m loan. Along with the parent company, nearly 100 affiliates also filed for Chapter 11.

    Murray Energy, the largest coal company in the United States, filed for bankruptcy. If Murray rejects the UMWA pension plan obligations in Chapter 11 bankruptcy, the UMWA pension fund will be insolvent by 2020. Before last night it was projected to be insolvent by 2022.

    Senator Joe Manchin
    @Sen_JoeManchin

    #25201
    Helmholtz Watson
    Participant

    Peabody Energy Corporation extended the maturity dates on nearly $1 billion in debt and credit facilities. – WSJ

    The energy company won’t have any funded debt maturing until December 2024.

    The Wall Street Journal reported that Peabody Energy Corporation struck a deal with lenders to extend the maturity dates on nearly $1 billion in debt and credit facilities. The energy company won’t have any funded debt maturing until December 2024.

    The company also announced it was free of a net leverage covenant in its revolving credit facility.

    Peabody is represented in the CLO market with the $400 million Peabody Energy – Term Loan B (L+275; due early 2025).
    Peabody was held by approximately 100 CLO vehicles, or 10% of all US CLO deals in Trepp’s CLO database in November.

    Prior to February, the credit was heavily traded; towards the end of February the credit was heavily sold in the low-$80 range before experiencing a price drop in March. The price stayed in the $50 to $60 range through August, where a few ‘buy’ trades took place. Since then, the price dropped to its lowest point on record before reporting a steady climb. IHS Markit quoted the price this week in the low $40s.

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