Peabody believes the plan maximises the value of the enterprise.
Wilson has been President of the South Dakota School of Mines & Technology since 2013.
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Lochtenberg was executive chairman and founding managing director of ASX listed Cockatoo Coal.
The approved mining plan preserves more than 200 mining jobs.
Congress would take aim at more modest recent rules that limit coal mining.
The company recognised that any Chapter 11 process was challenging.
The dust rule had 99% compliance from more than 186,000 samples.
The funds will be used to cover claims by Peabody's secured lenders.
Powder River Basin and Central Appalachian Basin coal prices rose about 20%.
The reorganisation plan is subject to approval from the Delaware bankruptcy court.