Peabody Energy Approved For Financing Amid Bankruptcy

Officials with Peabody Energy say they hope additional financing will help them maintain operations at the Twentymile Mine in Routt County amid bankruptcy proceedings.

The Steamboat Pilot & Today reports that the U.S. Bankruptcy Court in Missouri on Tuesday approved $800 million in financing for Peabody, which is restructuring $6.2 billion in debt it could no longer make payments on.

Despite the debt troubles, Peabody officials say all of their American mining operations are cash-flow positive.

About 300 people work at the Twentymile Mine. Peabody officials say all those workers will continue to receive normal wages and benefits, pending court approval.