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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, October 29, 2016, Vol. 20, No. 302
Headlines
PEABODY ENERGY: Incurs $64.8 Million Net Loss in September
REPUBLIC AIRWAYS: Posts $189.8 Million Net Loss in September
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PEABODY ENERGY: Incurs $64.8 Million Net Loss in September
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Peabody Energy Corporation, et. al, filed with the U.S. Securities
and Exchange Commission their corporate monthly operating report
for September 2016.
The Debtors' consolidated statement of operations reflected a net
loss of $64.8 million on $443.7 million total revenues in
September, an increase from $13.6 million net loss reported for
August.
As of September 30, 2016, the Debtors posted consolidated total
assets of $12.23 billion, consolidated total liabilities of $11.71
billion, and $523.9 million in consolidated total shareholders'
equity.
The Debtors listed $276.0 million in total cash receipts and $397.1
million in total cash disbursements for September.
A copy of the corporate monthly operating report is available at
the SEC at https://is.gd/fBwWw9
About Peabody Energy Corporation
Headquartered in St. Louis, Missouri, Peabody Energy Corporation
claims to be the world's largest private-sector coal company. As
of Dec. 31, 2014, the Company owned interests in 26 active coal
mining operations located in the United States (U.S.) and
Australia. The Company has a majority interest in 25 of those
mining operations and a 50% equity interest in the Middlemount Mine
in Australia. In addition to its mining operations, the Company
markets and brokers coal from other coal producers, both as
principal and agent, and trade coal and freight-related contracts
through trading and business offices in Australia, China, Germany,
India, Indonesia, Singapore, the United Kingdom and the U.S.
Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777 million in 2014 and the $513 million net loss
in 2013.
At Dec. 31, 2015, the Company had total assets of $11.02 billion
against $10.1 billion in total liabilities, and stockholders'
equity of $919 million.
On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code. The 154 cases are pending joint
administration before the Honorable Judge Barry S. Schermer under
Case No. 16-42529 (Bankr. E.D. Mo.).
As of the Petition Date, PEC has approximately $4.3 billion in
outstanding secured debt obligations and $4.5 billion in
outstanding unsecured debt obligations.
The Debtors tapped Jones Day as general counsel; Armstrong,
Teasdale LLP as local counsel; Lazard Freres & Co. LLC and
investment banker Lazard PTY Limited as investment banker; FTI
Consulting, Inc., as financial advisors; and Kurtzman Carson
Consultants, LLC, as claims, ballot and noticing agent.
The Office of the U.S. Trustee on April 29, 2016, appointed seven
creditors of Peabody Energy Corp. to serve on the official
committee of unsecured creditors. The Committee retained Morrison
& Foerster LLP as counsel, Spencer Fane LLP as local counsel,
Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel,
Blackacre LLC as its independent expert, and Berkeley Research
Group, LLC, as financial advisor.
REPUBLIC AIRWAYS: Posts $189.8 Million Net Loss in September
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Republic Airways Holdings Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for September 2016.
The Debtors' statement of operations listed a net loss of $189.8
million on $92.1 million of total operating revenues in September,
an increase from $177.1 million net loss reported for August.
As of September 30, 2016, the Debtors had $3.31 billion in total
assets, $383.1 million in total current liabilities, $1.88 billion
in long-term debt – less current portion, $1.06 billion in
liabilities subject to compromise, and $42.8 million in total
stockholders' deficit.
The Debtors had $155.4 million cash at the start of the month.
They listed $26.2 million cash from operating activities, $24.3
million cash used in investing activities, and $31.0 million cash
used in financing activities. Thus, the Debtors had $174.9 million
cash at September 30.
A copy of the monthly operating report is available at the SEC at:
https://is.gd/4F443L
About Republic Airways
Based in Indianapolis, Indiana, Republic Airways Holdings Inc.,
(OTCMKTS:RJETQ) owns Republic Airline and Shuttle America
Corporation. Republic Airline and Shuttle America --
http://www.rjet.com/-- offer approximately 1,000 flights daily to
105 cities in 38 states, Canada, the Caribbean and the Bahamas
through Republic's fixed-fee codeshare agreements under our major
airline partner brands of American Eagle, Delta Connection and
United Express. The airlines currently employ about 6,000 aviation
professionals.
Republic Airways Holdings Inc. and six affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
16-10429) on Feb. 25, 2016. The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer. Judge
Sean H. Lane has been assigned the cases.
As of Jan. 31, 2016, on a consolidated basis, Republic had assets
and liabilities of $3,561,000,000 and $2,971,000,000 (unaudited),
respectively.
Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring. Seabury
Group LLC is serving as financial advisor. Deloitte & Touche LLP
is the independent auditor. Prime Clerk is the claims and noticing
agent.
The U.S. Trustee for Region 2 appointed seven creditors of Republic
Airways Holdings Inc. to serve on the official committee of
unsecured creditors. The Committee retained Morrison & Foerster
LLP as attorneys and Imperial Capital, LLC, as investment banker
and co-financial advisor.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
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Copyright 2016. All rights reserved. ISSN: 1520-9474.
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