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Peabody Mine Sale Said to Hit Snag as <br />Bowie Stalls on Financing <br />Michelle Davis Sridhar Natarajan Tim Loh <br />MichelleF_Davis TimLoh <br />February 19, 2016 — 5:23 PM MST <br />Updated on February 20, 2016 — 9:17 AM MST <br />............................................................................................................................................................................................................. <br />NO- Slump in coal prices, sour credit markets said to be at issue <br />Parties are said to try to renegotiate terms of transaction <br />Peabody Energy Corp.'s plan to sell three mines to Bowie Resource Partners has hit a snag amid the <br />persistent slump in coal prices and souring sentiment in credit markets, according to people familiar with the <br />matter. <br />Bowie Resource, which began a $650 million loan sale last month to help fund the acquisition, has put the <br />debt -financing deal on hold as the parties try to renegotiate the terms, said the people, who asked not to be <br />identified because they aren't authorized to speak publicly about the discussions. <br />Asset sales are critical to Peabody as the largest U.S. coal miner struggles to outlast the industry's worst <br />downturn in decades. The company is looking to reduce costs and negotiate with creditors to cut debt, Chief <br />Executive Officer Glenn Kellow said on a Feb.I l earnings call. With cheap natural gas and tougher <br />environmental standards crimping coal sales to utilities, rivals such as Alpha Natural Resources Inc. and <br />Arch Coal Inc. have already filed for bankruptcy. <br />