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Peabody Lifeline Vanishing as Bowie Loan Deal Said to Be Dropped

Bowie Resource Partners is scrapping a loan sale that would’ve funded its purchase of mines from Peabody Energy Corp., jeopardizing a deal that would help stave off a Peabody bankruptcy filing, according to a person with knowledge of the matter.

The company dropped the $650 million financing after getting a cool reception from investors, said the person, asking not to be identified because the matter is private. Bowie had put the loan deal on hold last month and was seeking to renegotiate the terms of the purchase.