Court Confirms Patriot Coal's Plan of Reorganization
12/17/2013 - Patriot Coal Corporation announced that the U.S. Bankruptcy Court for the Eastern District of Missouri has confirmed the company's Plan of Reorganization.
Patriot will close on its exit financing, complete the rights offerings and emerge from Chapter 11 reorganization on 18 December 2013.
"This marks the final step in Patriot's financial restructuring," commented Patriot president and chief executive officer Bennett K. Hatfield. "We look forward to a new beginning as a well-capitalized company providing a competitive product to the electric utility and steel industries."
Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 10 active mining complexes in Appalachia and the Illinois Basin. Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves.
"This marks the final step in Patriot's financial restructuring," commented Patriot president and chief executive officer Bennett K. Hatfield. "We look forward to a new beginning as a well-capitalized company providing a competitive product to the electric utility and steel industries."
Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 10 active mining complexes in Appalachia and the Illinois Basin. Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves.
