Thursday, December 19, 2013

Patriot emerges from bankruptcy

More than 17 months after first filing for bankruptcy, Patriot Coal is getting a fresh start.
On Wednesday, company officials said Patriot had closed on its exit financing, completed the rights offerings and officially emerged from Chapter 11 bankruptcy.
“We look forward to a new beginning as a well-capitalized company providing a competitive product to the electric utility and steel industries,” said Ben Hatfield, Patriot chief executive officer, in a statement.
Earlier this week, the U.S. Bankruptcy Court in Missouri approved Patriot’s plan of reorganization which was the final step in the process.
Patriot first filed for bankruptcy in July 2012.  Since then, company officials have worked streamline the company’s operations to put it back on solid financial footing.

A key part of that work was reaching an agreement on health care benefits for retirees, including those who had formerly worked for Peabody Energy.