Patriot Coal (PCXCQ) Gets U.S. Bankruptcy Approval for DIP Financing
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Patriot Coal Corporation (OTCBB: PCXCQ)(NYSE: PCX), announced that the U.S. Bankruptcy Court for the Southern District of New York has entered a final order approving Patriot's $802 million Debtor-in-Possession ("DIP") financing. The DIP financing and cash from the Company's ongoing operations are expected to provide Patriot with financial flexibility to operate its business during the reorganization process.
In addition, the Bankruptcy Court granted final orders authorizing Patriot to continue to pay wages and provide health care and other benefits to employees, continue existing customer programs and use existing cash management systems. Patriot's mining operations and customer shipments are continuing as usual.
As previously announced, Patriot Coal and substantially all of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code on July 9, 2012. The case has been assigned to the Honorable Shelley C. Chapman.
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In addition, the Bankruptcy Court granted final orders authorizing Patriot to continue to pay wages and provide health care and other benefits to employees, continue existing customer programs and use existing cash management systems. Patriot's mining operations and customer shipments are continuing as usual.
As previously announced, Patriot Coal and substantially all of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code on July 9, 2012. The case has been assigned to the Honorable Shelley C. Chapman.
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