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 Patriots path to
emergence as a strong, well capitalized competitor in the coal
industry," president and chief executive officer Bennett
Management LLC will organize the proposed rights offerings and
Patriot filed for Chapter 11 bankruptcy protection in July 2012
in a U.S. Bankruptcy Court in southern New York (
amm.com, July 10, 2012).