Peabody Bankruptcy

Does anyone have any insight into how the impending bankruptcy of Peabody may affect NRW? Peabody, an American company, owns 1/2 of the Middlemount joint venture. Yancoal Australia Ltd owns the other 1/2. Yancoal's financial statement looks as bad as Peabody's, although Yancoal does have backing of a Chinese parent that should stay in business as long as the Chinese government and banks keep subsidizing it. And Yancoal Australia did recently round up new debt funding from some Chinese banks. On the other hand Yancoal also recently put their Donaldson mine on care and maintenance.

The Middlemount venture was EBITDA negative until 2015. In 2015, Middlemount had positive EBITDA but still suffered a net loss from operations of $74.4 million. At 31st December, Middlemount had $19.6 million cash and at least $331 million in interest bearing debt.

So what happens to Middlemount with Peabody in bankruptcy ? Will/can Yancoal pick up the slack? And if Middlemount is shuttered, what happens to NRW? If memory serves me correctly, NRW has $80 million in finance lease liablities for equipment employed at Middlemount. This debt, and what happens if Middlemount stops operating, is my biggest worry as a shareholder.