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.
