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US Bankruptcy Court confirms Patriot Coal’s plan of reorganization

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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.