Orlando, FL -- (SBWIRE) -- 09/16/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Suntech Power Holdings Co., Ltd. (ADR)(NYSE:STP), Peabody Energy Corporation (NYSE:BTU).
Suntech Power Holdings Co., Ltd. (ADR)(NYSE:STP) shares gained 9.24% to $1.30. The company on Sept. 13 announced a change in senior management, with Mr. David King stepping down as CEO and acting CFO and Mr. Zhou Weiping assuming the roles of interim CEO and interim CFO with immediate effect. The board of the Company will first commence a search for a new CFO.
Mr. Zhou will retain his roles as President and Director of the Company. Mr. Zhou Weiping, Suntech's CEO, said "We would like to thank David for his service and I'm confident that I will be able to lead the company and, along with all our stakeholders, implement the restructuring plan over the coming months."
Additionally, the company on August 30 announced that following productive discussions with its key stakeholders earlier this week in China, an understanding has been reached with its Creditor Working Group led by Clearwater Capital Partners and Spinnaker Capital Limited for restructuring the Company.
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Peabody Energy Corporation (NYSE:BTU) shares declined 3.18% to $17.98. The company on Sept. 13 asked the bankruptcy court to confirm the termination of our contractual obligation to fund certain of Patriot Coal's retiree healthcare benefits.
Under Patriot Coal's new labor agreements with the UMWA, its obligation to pay healthcare benefits for its retirees will terminate by January 1, 2014. Under the terms of Peabody's contract with Patriot, our obligation to fund certain of Patriot's retiree healthcare liabilities will terminate at the same time. After Patriot's obligations to provide retiree healthcare benefits end, a Voluntary Employee Beneficiary Association (VEBA) will provide healthcare benefits to Patriot retirees.
Additionally, Fitch Ratings expects to rate Peabody Energy Corporation's (Peabody; NYSE: BTU) proposed $2.7 billion senior secured credit facility 'BB+'. The Rating Outlook is Stable.
Moreover, the company on August 21 announced that the company has named veteran mining executive Glenn Kellow to the position of President and Chief Operating Officer. He will report to Chairman and Chief Executive Officer Gregory H. Boyce and serve as a member of Peabody's executive leadership team.
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