On January 20, 2017, Mangrove Partners along with certain other equity holders and certain members of the Ad Hoc Group of Non-Consenting Creditors in the Chapter 11 Cases executed and delivered to Peabody Energy Corporation and the Official Committee of Unsecured Creditors a Backstop commitment letter. Mangrove Partners stated that on or about January 17, 2017, the Commitment Parties submitted a restructuring proposal to the Company, but the Company informed the Commitment Parties of certain concerns it had regarding the restructuring proposal. In addition, Mangrove Partners stated that the Backstop Commitment Letter supersedes such restructuring proposal in all respects.