MEC to Lay Off Up to 4,400 Workers

Ohio, USA-based Murray Energy Corp. (MEC) confirmed just hours before the start of the Independence Day holiday weekend that it has issued potential layoff notices to its workforce in six states, stating that up to 4,400 miners—about 80% of its total front-line payroll—could be without a job by September.

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OKD Files for Insolvency

European coal producer New World Resources said the OKD Board filed an insolvency petition with the Czech court during May.

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Peabody Receives Approval for DIP Financing, Sells Interest in Prairie State

Peabody Energy received final approval from the U.S. Bankruptcy Court for the Eastern District of Missouri for its $800 million Debtor-in-Possession (DIP) financing facility. The approval, provides Peabody with access to capital to ensure the company can continue operating its business during the Chapter 11 process. The financing by a lender group, includes a $500 million term loan, a $200 million bonding accommodation facility, and a cash-collateralized $100 million letter of credit facility.

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