July 26, 2016 11:48 AM ET

Company Overview of Colorado Yampa Coal Company

Company Overview

Colorado Yampa Coal Company operates as a subsidiary of Peabody Energy Corp. On April 13, 2016, Colorado Yampa Coal Company filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri. It is in joint administration with Peabody Energy Corporation.

701 Market Street

Suite 732

St. Louis, MO 63101

United States

Phone:

314-342-3400

Key Executives for Colorado Yampa Coal Company

Colorado Yampa Coal Company does not have any Key Executives recorded.

Colorado Yampa Coal Company Key Developments

Final DIP Financing Approved for Peabody Energy Corporation

The US Bankruptcy Court gave an order to Peabody Energy Corporation to obtain DIP financing on a final basis on May 18, 2016. As per the order, the debtor has been authorized to obtain a senior secured superpriority non-amortizing term loan facility in the amount of $500 million, a $200 million bonding accommodation facility and a cash collateralized $100 million letter of credit facility from lender party with Citibank, N.A. acting as the administrative agent for itself and lenders. The unsecured DIP lenders including, Centerbridge Partners, Aurelius Capital Management, Elliott Management Corporation and Capital Research and Management Company will provide term loan facility of $60 million. Citigroup Global Markets, Inc. acted as lead arranger and book runner for the facility. The DIP loan would either carry an interest rate of LIBOR plus 9% p.a., with a LIBOR floor of 1% p.a., or base rate interest plus 8% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a upfront fee of 5% p.a. of DIP lender's commitment, L/C facility fee of 0.25% on outstanding amount of L/C facility, bonding letter of credit fronting fee of 0.25% on outstanding amount of Bonding L/C, commitment fee of 5% and term facility exit fronting fee of 2%. The DIP facility would mature either on 12 months after the closing date or 45 days after the entry of the interim order if the final order has not been entered prior to the expiration of such 45-day period or substantial consummation of a plan of reorganization or on the date of consummation of the sale of substantially all assets, whichever is earlier. If scheduled termination date is extended by additional 6 months, then debtor shall pay extension fee of 2.5% of DIP lender's outstanding exposure under the DIP facility. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $10.03 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Court gave an order to Peabody Energy Corporation to obtain DIP financing on an interim basis on April 14, 2016.

Bidding Procedure Approved for Peabody Energy Corporation

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Peabody Energy Corporation on May 17, 2016. As per the order, the miscellaneous asset procedures will apply only to the private sale, where price amounts to $10 million or less for an individual private sale; $10 million in the aggregate for multiple purchases by a single buyer at one time; and the abandonment of Miscellaneous Assets with a book value of $7.5 million or less. If the sale is greater than $10 million, or abandonment is greater than $7.5 million, a sale motion needs to be filed. The debtor shall file a Sale Notice in case of private sale. In case of sale by auction, the debtor shall file a sale motion containing bidding procedures. If the sale value amounts to $3 million or less in case of private sale or an auction sale, the debtors will be authorized to consummate the same without further notice and further Court approval. The debtor shall also pay the required auction fees, broker commissions and fees for other service providers, including, surveyors, title companies and specialized real estate and title attorneys.

Motion for Asset Sale Filed by Peabody Energy Corporation

Peabody Energy Corporation filed a motion in the US Bankruptcy Court for the sale of certain assets on May 3, 2016. The debtor seeks the Court’s approval for the sale of miscellaneous assets that are no longer needed in their ongoing business activities by private sale or public auction. The miscellaneous asset procedures will apply only to the private sale, where price amounts to $10 million or less for an individual private sale; or $15 million in the aggregate for multiple purchases by a single buyer at one time. If the sale is greater than $10 million, a sale motion needs to be filed. The debtor shall file a Sale Notice in case of private sale. In case of sale by auction, the debtor shall file a sale motion containing bidding procedures. If the sale value amounts to $3 million or less in case of private sale or an auction sale, the debtors will be authorized to consummate the same without further notice and further Court approval. The debtor shall also pay the required auction fees, broker commissions and fees for other service providers, including, surveyors, title companies and specialized real estate and title attorneys.

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