| CHICAGO, April 4
CHICAGO, April 4 U.S. coal miner Peabody Energy
Corp returned to the New York Stock Exchange on Tuesday
after emerging from a year-long $8 billion Chapter 11 bankruptcy
with far less debt and an industry champion in the White House.
Shares in Peabody, the world's largest private-sector coal
producer, were trading at $29.80 in late morning, down from an
opening price of $31.50 but still above the $25 per share paid
in a recent rights offering open only to the company's
Early market trading put Peabody's market capitalization at
around $4 billion, compared to the company's estimated value of
$3.1 billion used in its rights offering.
Peabody's new stock listing coincides with increased demand
from Asia and anticipation of eased regulation under U.S.
President Donald Trump that has fuelled investor enthusiasm for
The industry has undergone a dramatic reversal from a year
ago, when a slump in coal prices pushed large, debt-ridden U.S.
coal companies like Peabody and rival Arch Coal Inc
Shares of Arch Coal have risen about 24 percent since it
emerged from bankruptcy in October 2016. Coal producer Ramaco
Resources Inc recently completed an initial public
offering and Warrior Met Coal plans to make its IPO
on April 12.
Some of the winners of Peabody's new stock listing include
large hedge funds like Elliott Management, which had the right
to buy new shares at a discount of 35 percent to 45 percent, as
well as executives and employees who were awarded new stock.
Peabody, which owns prime assets in Australia and coal-rich
Wyoming in the United States, exited Chapter 11 protection on
Monday with about $2 billion of debt and $800 million of cash.
Peabody President and Chief Executive Officer Glenn Kellow
led a group of management and employees from the Americas and
Australia to ring the opening bell on the New York Stock
(Reporting by Tracy Rucinski; Editing by Meredith Mazzilli)