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Court signs off on Patriot Coal reorganization

Keywords: Tags  Patriot Coal, bankruptcy reorganization, Barclays Capital, Deutsche Bank, Bennett Hatfield, Knighthead Capital Management, Stacy Irish

NEW YORK — Patriot Coal Corp. has received court approval to reorganize its business, it said Nov. 6.

The U.S. District Court in eastern Missouri has authorized a deal with Barclays Capital Plc and Deutsche Bank to arrange exit financing and post-emergence credit facilities of $576 million.

The "actions by the court represent important milestones on Patriot’s path to emergence as a strong, well capitalized competitor in the coal industry," president and chief executive officer Bennett Hatfield said.

Knighthead Capital Management LLC will organize the proposed rights offerings and reorganization plan.

St. Louis-based Patriot filed for Chapter 11 bankruptcy protection in July 2012 in a U.S. Bankruptcy Court in southern New York (, July 10, 2012).

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