Thursday, December 22, 2016

Peabody Energy Files Joint Plan of Reorganization of Debtors and Debtors in Possession $BTU $BTUUQ

Unsecured Subordinated Debenture Claims (Class 8A)
i. Classification:  Class 8A consists of all Unsecured Subordinated Debenture Claims against PEC.
ii. Treatment:  In accordance with the provisions in the 2066 Subordinated Indenture and section 510(a) of the Bankruptcy Code, holders of Unsecured Subordinated Debenture Claims have no right to receive any Distributions and, therefore, in accordance with the terms of the 2066 Subordinated Indenture, shall receive no recovery under the terms of the Plan until holders of General Unsecured Claims are paid in full.
iii. Voting:  Holders of Claims in Class 8A are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code, and are not entitled to vote to accept or reject the Plan.

PEC Interests (Class 11A)
i. Classification:  Class 11A consists of all PEC Interests.
ii. Treatment:  PEC Interests shall be extinguished, cancelled and discharged as of the Effective Date, and holders of PEC Interests shall neither receive nor retain any property or Distribution in respect of such Interests.
iii. Voting:  Class 11A is Impaired.  Holders of PEC Interests are deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code, and are not entitled to vote to accept or reject the Plan.
Wow - opening bid from the company is 0 for the subordinated notes and 0 for the equity. Will be interesting to see what those do tomorrow, they've had big rallies!

8 comments:

Anonymous said...

Stock was almost unchanged at one point yesterday. Amazing

I can see why the stock is acting like a yo-yo but why are the junior sub notes still trading in the high teens with heavy volume?

Anonymous said...

Discovery Capital, the firm who was responsible for the short squeeze in BTUUQ?

https://www.sec.gov/Archives/edgar/data/1064728/000091957417000015/d7379894_13-d.htm

CP said...


In addition to the Shares reported herein, clients of Discovery own (i) $186,220,000 notional value of 4.75% convertible junior subordinated debentures due on December 15, 2041, (ii) $394,769,000 notional value of 6.00% senior notes issued in November 2011 and due November 2018 (the "2018 Senior Notes"); (iii) $101,032,000 notional value of 6.50% senior notes issued in August 2010 and due in September 2020 (the "2020 Senior Notes"); (iv) $124,425,760 notional value of 6.25% senior notes issued in November 2011 and due in November 2021 (the "2021 Senior Notes"); and (v) $31,935,000 notional value of 7.875% senior notes issued in October 2006 and due in November 2026 (the "2026 Senior Notes" and, together with the 2018 Senior Notes, the 2020 Senior Notes and the 2021 Senior Notes, the "Unsecured Senior Notes"). The Reporting Persons are deemed to have beneficial ownership over all such securities through their roles described above in Item 2(c).

CP said...

Also Mangrove:

https://www.sec.gov/Archives/edgar/data/1064728/000101359416001286/0001013594-16-001286-index.htm

Anonymous said...

But was Discovery Capital short all the calls across multiple strikes..

CP said...

http://stockcharts.com/h-sc/ui?s=BTUUQ&p=D&b=5&g=0&id=p65976620494

Anonymous said...

Some fireworks heading into the Jan 19th equity committee meeting from the company, former executives and shareholders.

Should be an interesting week for BTUUQ. Turning out to be quite the drama but see little hope for equity.

Anonymous said...

Jr Sub notes trading higher again, hit 19 today.