Peabody Energy Corp. said Monday that it has emerged from Chapter 11 bankruptcy protection and will begin trading again Tuesday on the New York Stock Exchange under the ticker symbol BTU, the same as prior to its bankruptcy filing.
The St. Louis-based coal producer said it has reduced debt by more than $5 billion from pre-filing levels in March 2016. It filed bankruptcy in April 2016. U.S. Bankruptcy Judge Barry Schermer presided over the bankruptcy proceedings.
“We believe that ‘The New BTU’ is well positioned to create substantial value for shareholders and other stakeholders over time,” Peabody President and CEO Glenn Kellow said in a statement. “Peabody is the only global pure-play coal investment, and we have the scale, quality of assets and people, and diversity of geography and products to be highly competitive. We also have taken significant steps to create a capital structure to succeed through all cycles. Our financial focus will now be on reducing debt, targeting high-return investments and returning cash to shareholders over time.”