March 6, 2017 / 10:25 PM / 5 months ago

Peabody Energy agrees to collateral for mine cleanup costs

March 6 (Reuters) - Peabody Energy Corp said on Monday it agreed to set aside collateral to cover future mine cleanup costs, ending a practice known as self-bonding.

The world's largest private-sector coal miner, which expects to exit Chapter 11 bankruptcy in April, said in a statement it had arranged $1.26 billion in commercial surety bonds and $14.5 million through a state bond pool. (Reporting by Tracy Rucinski in Chicago; writing by Tom Hals in Wilmington, Delaware)

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