Patriot Coal Poised to Emerge from Bankruptcy
ST. LOUIS (AP) - Patriot Coal Corp. says it is finalizing its financing and will emerge Wednesday from bankruptcy now that a federal bankruptcy court has approved its reorganization plan.
The St. Louis-based company's president and CEO, Bennett Hatfield, says Patriot is looking forward to a new beginning as a well-capitalized company.
Patriot previously has said it lined up $586 million in financing from Barclays and Deutsche Bank. That's after the company already obtained a $250 million infusion through a rights offering backstopped by Knighthead Capital Management LLC.
Key to Patriot's push to exit the Chapter 11 bankruptcy it filed for in July of last year was its recent settlement with former corporate parent Peabody Coal Corp. of months of legal wrangling over retiree health benefits.