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Peabody’s debt troubles date back to a $5.1 billion leveraged buyout of Australia’s Macarthus in 2011, as they sought to position themselves as the major supplier of metallurgical coal for Asian steel mills.
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Glenn Kellow, the Peabody chief executive, said: “This was a difficult decision, but it is the right path forward for Peabody … this process enables us to strengthen liquidity and reduce debt, build upon the significant operational achievements we’ve made in recent years and lay the foundation for long-term stability and success in the future.”
The case has been filed in the eastern district of St Louis, Missouri.