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:
  • EnergyEnergyMore>>

  • Marshall Co. makes plans for natural gas combined cycle power plant

    Marshall Co. makes plans for natural gas combined cycle power plant

    Tuesday, April 22 2014 6:42 PM EDT2014-04-22 22:42:40 GMT
    The project still needs to obtain state and federal approvals to develop and build the plant, but organizers anticipate construction to begin in 2015 and operations to begin by 2018.
    The project still needs to obtain state and federal approvals to develop and build the plant, but organizers anticipate construction to begin in 2015 and operations to begin by 2018.
  • WV DEP Lifts Cease Operations Order to Antero at Harrison, Doddridge Sites

    WV DEP Lifts Cease Operations Order to Antero at Harrison, Doddridge Sites

    Monday, April 21 2014 1:00 PM EDT2014-04-21 17:00:50 GMT
    The West Virginia Department of Environmental Protection and the Office of Oil and Gas have issued violation notices to Antero Resources.
    The West Virginia Department of Environmental Protection and the Office of Oil and Gas have issued violation notices to Antero Resources.
  • Fracking foes cringe as unions back drilling boom

    Fracking foes cringe as unions back drilling boom

    Monday, April 21 2014 8:51 AM EDT2014-04-21 12:51:19 GMT
    After early complaints that out-of-state firms got the most jobs, some local construction trade workers and union members in Pennsylvania, Ohio and West Virginia say they're now benefiting in a big way from the Marcellus and Utica Shale oil and gas boom.That vocal support from blue-collar workers complicates efforts by environmentalists to limit the drilling process known as fracking.
    After early complaints that out-of-state firms got the most jobs, some local construction trade workers and union members in Pennsylvania, Ohio and West Virginia say they're now benefiting in a big way from the Marcellus and Utica Shale oil and gas boom.That vocal support from blue-collar workers complicates efforts by environmentalists to limit the drilling process known as fracking.

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.