Peabody Energy (BTUUQ) Receives Bankruptcy Court Approval for DIP Financing
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Item 1.01 Entry into a Material Definitive Agreement
As previously disclosed, on April 13, 2016 (the “Petition Date”), Peabody Energy Corporation, a Delaware corporation (the “Company”) and a majority of the Company’s wholly owned domestic subsidiaries, as well as one international subsidiary in Gibraltar (collectively with the Company, the “Debtors”), filed voluntary petitions under Chapter 11 of Title 11 of the U.S. Code in the United States Bankruptcy Court for the Eastern District of Missouri (the “Bankruptcy Court”). The Debtors’ Chapter 11 cases (collectively, the “Chapter 11 Cases”) are being jointly administered under the caption In re Peabody Energy Corporation, et al., Case No. 16-42529.
On November 23, 2016, the Bankruptcy Court approved a stipulation filed by the Company (Docket No. 1662) relating to an amendment to the Company’s Superpriority Secured Debtor-In-Possession Credit Agreement (as amended from time to time, the “DIP Credit Agreement”). While the DIP Credit Agreement contains certain milestone events relating to the Chapter 11 Cases, the amendment to the DIP Credit Agreement approved by the Bankruptcy Court (the “DIP Amendment”) removes any deadline by which the Bankruptcy Court must enter an order determining the CNTA Issues (as defined in the DIP Credit Agreement prior to giving effect to the DIP Amendment).
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