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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Anglo Delivers First Coal From Grosvenor

Anglo American recently commissioned its Grosvenor metallurgical coal operation in the Bowen Basin of Queensland, Australia. The Grosvenor project, which was approved for development at the end of 2011, delivered its first coal from its longwall seven months ahead of schedule and more than $100 million below budget.

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