Patriot Coal Reorganization Plan Approved

Patriot Coal Reorganization Plan Approved

A bankruptcy court confirmed a plan of reorganization for Patriot Coal Corp.
 
As part of the reorganization plan, Patriot Coal will sell a majority of its operating assets to Blackhawk Mining LLC and sell substantially all of its remaining assets and liabilities to an affiliate of Virginia Conservation Legacy Fund Inc.
 
The transactions are expected to close within a few weeks, subject to customary closing conditions. Until then, Patriot’s mining operations will continue to operate independently of Blackhawk and VCLF.
 
Patriot Coal in May filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Virginia. The company had emerged from an earlier bankruptcy case in December 2013 in Missouri.



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