Peabody Energy Corp. said Wednesday that its five-year business plans in the U.S. and Australia have been approved by its debtor-in-possession lenders, a step toward allowing the St. Louis-based coal producer to emerge from Chapter 11 bankruptcy.
Peabody filed for bankruptcy protection in April. The company said Monday that it narrowed its loss to $233.8 million in the quarter ended June 30.
In its five-year plan, Peabody said it would continue to reduce costs.
Peabody forecasts revenue of $4.6 billion in 2021 on 194 million tons of coal sold. In 2016, Peabody forecasts revenue of $4.4 billion on 168 million tons of coal sold.
Read more: St. Louis Business Journal