Peabody has more mines in Indiana than in any other state.
Bankruptcy filings both nationally and in Indiana have been falling over the last two years.
IFM Investors plans to buy the Indiana Toll Road lease for much more than the current operator, ITR Concession Company, paid in 2006.
Less than a decade into its lease, the operator of the Indiana Toll Road filed for bankruptcy.
ITR Concession Company says it already has agreements in place with its creditors on how it will restructure its debt.
The Indiana Finance Authority has given debt-saddled Indiana Toll Road Concessions Co. until late November to prove it can pay back its lenders.
Hostess employed more than 850 workers in Indiana and more than 18,000 nationwide.
A bankruptcy judge declined to act on the request from Hostess to sell its assets to give an opportunity for both sides to mediate.
Hostess Brands announced Friday it is going out of business after strikers did not return to work Thursday.
There is no mechanism in Indiana law that would allow the state to takeover a cash-strapped district.