More than 17 months after first
filing for bankruptcy, Patriot Coal is getting a fresh start.
On Wednesday, company officials
said Patriot had closed on its exit financing, completed the rights offerings
and officially emerged from Chapter 11 bankruptcy.
“We look forward to a new beginning
as a well-capitalized company providing a competitive product to the electric
utility and steel industries,” said Ben Hatfield, Patriot chief executive
officer, in a statement.
Earlier this week, the U.S.
Bankruptcy Court in Missouri
Patriot first filed for bankruptcy
in July 2012. Since then, company officials have worked streamline the
company’s operations to put it back on solid financial footing.
A key part of that work was
reaching an agreement on health care benefits for retirees, including those who
had formerly worked for Peabody Energy.
