Energy Giant Peabody Enters Bankruptcy

[wsj-responsive-image P="http://si.wsj.net/public/resources/images/BN-NI794_CLIMFI_P_20160331172802.jpg" J="http://si.wsj.net/public/resources/images/BN-NI794_CLIMFI_J_20160331172802.jpg" M="http://si.wsj.net/public/resources/images/BN-NI794_CLIMFI_M_20160331172802.jpg" caption="A crane mines coal in a strip mine of Peabody, which filed for bankruptcy Wednesday."  credit="Jim Richardson/Corbis" placement="Inline" suppressEnlarge="false" ]

Peabody Energy filed for chapter 11 bankruptcy protection weeks after warning it might do so, The Wall Street Journal reports.

Peregrine Midstream Partners filed a restructuring plan that would cut more than $249 million in debt from the natural gas storage company. WSJ has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

According to WSJ, regulators have rebuked the “living wills” of five big banks, including State Street, and Bank of New York. And J.P. Morgan, whose plan was also rejected, had profits that slid.

Shareholders of identity-verification company Jumio Inc. are hindering a big by Facebook co-founder Eduardo Saverin, DBR reports in WSJ.

Paragon Offshore PLC’s creditors won approval to vote on the company’s bankruptcy plan, DBR reports in WSJ.

Real Time Economics takes us through Puerto Rico’s debt crisis in seven questions, while DealBook looks at Puerto Rico’s prosperous Washington, D.C., power couple. And the commonwealth’s governor is optimistic about its debt-relief bill.

Bankruptcy Beat has an opinion piece on the fairness of chapter 11 valuations.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa