Replies to post #7464 on Patriot Coal Corporation (fka PCXCQ)

[fung_derf]

found this so far...


DJ Court Approves Patriot Coal's Bankruptcy-Exit Plan


12:18 PM (GMT-05:00) Eastern Time (US & Canada) Dec 17, 2013
By Jacqueline Palank

A judge approved Patriot Coal Corp.'s restructuring plan Tuesday, paving the way for the coal-mining company to exit bankruptcy.

Patriot said the U.S. Bankruptcy Court in St. Louis confirmed the company's Chapter 11 plan of reorganization.

The move allows Patriot Coal to complete a $250 million rights offering and close up to $576 million in bankruptcy-exit financing in connection with its emergence from Chapter 11, planned for Wednesday.

Knighthead Capital Management LLC has agreed to backstop the rights offering by purchasing up to $100 million of the new notes and warrants, while Barclays and Deutsche Bank are on call to arrange and syndicate the bankruptcy-exit financing.

Patriot's restructuring plan proposes to hand senior bondholders owed $250 million, as well as the holders of $24.75 billion in bond guarantee claims against Patriot's subsidiaries, 60% of Patriot's new common shares. They also will be eligible to participate in the rights offering.

The holders of $200 million in convertible bond debt, as well as Patriot's general unsecured creditors, will get 5% of the new common stock as well as the ability to participate in the rights offering.

Patriot's current shareholders will see their shares canceled and won't receive any payment under the restructuring plan.

The plan also contains two settlements with Arch Coal Inc. and Peabody Energy Corp., which spun off the mining units that came to comprise Patriot. The deals resolve a long-running battle over who is responsible for the liabilities Patriot took on as a result of the spinoffs.

Peabody has agreed to contribute $310 million to fund retiree health benefits through 2017 under one settlement, while a separate deal with Arch will see it pay $5 million to settle claims related to the 2005 sale of coal operations that Patriot later acquired.

Patriot, which mines for coal throughout Appalachia and the Illinois Basin, sought Chapter 11 protection in July 2012.

Write to Jacqueline Palank at [e-mail]

[ErnieBilco]

Looks like it will be PATC by the private placement of the new warrants today. it shows as a private placement addition to be effective Monday.

16:47 PATCZ Patriot Coal Corporation Warrants Pur Cl A Expire 12/18/23 144A 12/23/2013 N 100 **

http://www.otcbb.com/asp/dailylist_detail.asp?d=12/20/2013&mkt_ctg=NON-OTCBB