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BTU

Peabody Energy

18:48
12/22/16
12/22
18:48
12/22/16
18:48

Peabody completes milestone in emergence from Chapter 11

Peabody has filed its plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the Eastern District of Missouri, representing another milestone in the company's Chapter 11 process. The plan of reorganization and disclosure statement establish proposed recoveries for key stakeholders and outline other components of the company's future governance and ownership. The proposed plan provides for a new capital structure that reduces the pre-filing debt levels by more than $5B, lowers fixed charges and recapitalizes the company through a backstopped rights offering of $750M, a private placement of mandatorily convertible preferred stock of $750M and the issuance of new common stock to satisfy certain creditor claims. Three key stakeholder groups reached agreement with the company on a framework that culminated in the plan of reorganization. Peabody currently expects to have a hearing on the disclosure statement on Jan. 26, 2017. Following court approval, Peabody intends to send the plan and disclosure statement to creditors for approval. Peabody is targeting emergence around the beginning of 2Q17, and anticipates emerging as a public company. The plan provides that current Peabody Energy equity securities will be cancelled and extinguished upon the effective date of a confirmed plan of reorganization by the bankruptcy court, and holders would not receive any value for such equity interests. The plan also provides for a nine-member board of directors. Directors from the existing Peabody board will be considered as part of the search process.

BTU Peabody Energy

02/16/16
02/16/16
DOWNGRADE

Underweight
Peabody downgraded to Underweight from Hold at BB&T
BB&T analyst Mark Levin downgraded Peabody to Underweight following the "big" q4 miss. The analyst now sees the probability of a bankruptcy filing to be far greater than 50/50 given accelerating cash burn and burdensome debt load.
02/16/16
02/16/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on the today's top five analyst downgrades with this list compiled by The Fly: 1. Community Health (CYH) downgraded to Underperform at Mizuho and to Hold at Jefferies after the company missed Q4 earnings expectations. Mizuho said Community Health's negative free cash flow and $169M accounts receivable write-off increases concerns about 2016. 2. Fortuna Silver Mines (FSM), Goldcorp (GG), and New Gold (NGD) downgraded to Hold at Canaccord due to recent share price strength. 3. Credit Suisse (CS) downgraded to Neutral at JPMorgan after analyst Kian Abouhossein cited "negative operating leverage" in the current environment. 4. Peabody (BTU) downgraded to Underweight at BB&T, as analyst Mark Levin sees the probability of a bankruptcy filing to be greater than 50/50 given accelerating cash burn and burdensome debt load. 5. Web.com (WEB) downgraded to Hold at Deutsche Bank, after the firm said the Yodle acquisition brings new execution risks without much profitability. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/17/16
02/17/16
DOWNGRADE

Neutral
Peabody downgraded to Neutral from Buy at Sterne Agee CRT
02/17/16
02/17/16
DOWNGRADE

Neutral
Peabody downgraded on financial distress at Sterne Agee CRT
As noted earlier, Sterne Agee CRT downgraded Peabody to Neutral from Buy. The firm says that "severe headwinds" have left the company facing "significant financial distress."

TODAY'S FREE FLY STORIES

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LPTN

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TMO

Thermo Fisher

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Thermo Fisher director sells 11,318 shares »

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  • 06

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SMBC

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IEP

Icahn Enterprises

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IEP

Icahn Enterprises

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IEP

Icahn Enterprises

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Icahn Enterprises

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NVTA

Invitae

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NVTA

Invitae

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MU

Micron

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INSY

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AKTX

Akari Therapeutics

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HIL

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NBEV

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ATW

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, ESV

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NSRGY

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