US Bankruptcy Court confirms Patriot Coal’s plan of reorganizati - WOWK 13 Charleston, Huntington WV News, Weather, Sports

US Bankruptcy Court confirms Patriot Coal’s plan of reorganization

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Tuesday, July 15 2014 4:17 AM EDT2014-07-15 08:17:38 GMT
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
  • Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Sunday, July 6 2014 11:00 AM EDT2014-07-06 15:00:12 GMT
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.

Patriot Coal Corporation announced Dec. 17 the U.S. Bankruptcy Court for the Eastern District of Missouri confirmed the company's plan of reorganization.

Patriot will close on its exit financing, complete the rights offerings and has planned to emerge from Chapter 11 reorganization Dec. 18, according to a news release from the company.

"This marks the final step in Patriot's financial restructuring," said Patriot President and Chief Executive Officer Bennett K. Hatfield. "We look forward to a new beginning as a well-capitalized company providing a competitive product to the electric utility and steel industries."

The court, in November, approved an agreement with leading financial institutions Barclays and Deutsche Bank to arrange new exit financing and post-emergence credit facilities of $576 million.

The court also approved Patriot's settlements with Peabody Energy Corp. and Arch Coal. Click here to read our previous coverage of the settlement.

Patriot Coal Corporation produces and markets coal in the eastern United States, with 10 active mining complexes in Appalachia and the Illinois Basin. Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers and controls approximately 1.8 billion tons of proven and probable coal reserves.