From an 8-K filing just released:
"Additionally, Peabody has engaged in discussions with one of the first lien lenders under its senior secured credit agreement (the 'Credit Agreement') regarding, among other things, the Proposed Exchanges. Peabody indicated that its preference was to pursue liability management transactions such as the Proposed Exchanges, while the lender expressed its concern that Peabody was not pursuing an in-court restructuring. Peabody and the lender also discussed Peabody’s continued compliance with its covenants under the Credit Facility. If Peabody experiences or expects to experience a financial covenant breach or other default, it could request an amendment to, or waiver of, the covenant from its lenders. If Peabody is unable to obtain waivers from its lenders, Peabody would be in default under the Credit Agreement and certain of its other debt arrangements and the debt owed under such agreements could be accelerated."