Insolvency and restructuring firms are circling Peabody Energy’s Australian arm, with the unit expected to appoint advisers and push ahead with a restructure as early as this week.
The United States-listed Peabody Energy flagged that it was on the verge of Chapter 11 bankruptcy last month and sources told Street Talk the situation was poised to progress this week with the miner set to face an important interest payment.
The question for the local market is what it means for Peabody’s Australian business, which includes mining operations in New South Wales and Queensland.
Street Talk understands Peabody is set to appoint a local insolvency or restructuring firm to oversee the Australian arm, which is expected to be restructured separate…
Read the full article at: http://www.afr.com/street-talk/insolvency-firms-ready-for-peabody-energy-australia-20160411-go403q