Peabody Energy won court approval for an $800 million financing package. Above, a front loader… Peabody Energy Corp. won final bankruptcy-court approval for an $800 million financing package after lenders made concessions to appease creditors. Peabody said final approval on the chapter 11 financial arrangements ensures the company can continue operating as usual while it works through a load of debt that it can’t support given the declines in coal demand and prices. Existing lenders have offered to fund the turnaround of one of the world’s largest coal-mining operations, but the terms of the deal had junior creditors up in arms. Peabody was surrendering too much and getting too little under the financing, according to the official committee that represents unsecured creditors. In court papers, Peabody defended the financing, saying all the benefits of the financing justified the cost of the deal. Creditors reckoned that fees and interests on […]