Patriot Coal plan of reorganization confirmed by court
SCOTT DEPOT, West Virginia -- - Patriot Coal Corporation, a producer and marketer of coal in the eastern United States, recently announced that the Bankruptcy Court has said it will enter an order confirming Patriot's Plan of Reorganization.
In doing so, the Court approved the transactions to sell a substantial majority of Patriot's operating assets to Blackhawk Mining, LLC and to sell substantially all of its remaining assets and liabilities to an affiliate of Virginia Conservation Legacy Fund, Inc.VCLF.
Bob Bennett, President and Chief Executive Officer of Patriot, said: "We are pleased to have received court approval for the transactions with Blackhawk and VCLF, which we believe represent the best possible outcome for Patriot and its stakeholders. These transactions preserve jobs, help ensure environmental obligations are handled in a responsible manner and maximize value for creditors. I want to thank our employees for their hard work and dedication throughout the sale process. I also want to thank our restructuring professionals and parties in interest, who worked in a dedicated and cooperative manner to help us achieve this successful outcome. We look forward to completing the transactions in the coming weeks and concluding the chapter 11 process."
The transactions are expected to close within a few weeks, and are subject to certain other customary closing conditions. Until the transactions close, Patriot's mining operations will continue to operate independently of Blackhawk and VCLF. Patriot continues to expect that a majority of Patriot employees at its mining operations will be offered employment once the transactions are completed.
Court filings and other information related to the reorganization proceedings are available at a website administered by the Company's claims agent, Prime Clerk, at https://cases.primeclerk.com/patriotcoal.
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