Peabody Said to Hire Lazard to Advise on Debt Restructuring
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Peabody Energy Corp. hired Lazard Ltd. to advise the coal miner how to restructure its $6.3 billion of debt, according to two people with knowledge of the matter.
The largest U.S. coal producer, which is suffering from a collapse in demand for the commodity, is talking to creditors about ways to cut its debt load, including swapping obligations for new shares or convertible notes, said the people, who asked not to be named because the conversations are private. That kind of arrangement could allow the company to avoid filing for bankruptcy, which other miners have done in the current coal slump.