Peabody Energy this week reported that it emerged from Chapter 11 protection with a transformed capital structure, including new equity that is expected to begin trading on the New York Stock Exchange under the ticker symbol BTU.
“We believe that 'The New BTU' is well positioned to create substantial value for shareholders and other stakeholders over time,” said Peabody President and CEO Glenn Kellow. “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.”
The company's common stock that had been trading under the ticker symbol BTUUQ was extinguished with no value effective at 4 p.m. EDT on April 3, 2017. In the past year, Peabody has reduced debt by more than $5 billion from pre-filing levels at March 2016.