US Bankruptcy Court confirms Patriot Coal’s plan of reorganizati - Beckley, Bluefield & Lewisburg News, Weather, Sports

US Bankruptcy Court confirms Patriot Coal’s plan of reorganization

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Three crews fight house fire in Shady Spring

    Three crews fight house fire in Shady Spring

    Three crews fight house fire in Shady Spring

    Sunday, April 20 2014 11:16 PM EDT2014-04-21 03:16:45 GMT
    Three fire departments worked to fight a house fire in Shady Spring, Raleigh County Sunday night.The fire started just after 8 p.m. in Country Road Estates.Everyone inside the home was able to make it out unharmed.Ghent, Beaver, and Coal City Fire Departments responded to the scene.Right now - the cause of the fire has not been determined but crews did say there was natural gas inside the home.As of 11 p.m. Sunday, the scene was still not cleared.
    Three fire departments worked to fight a house fire in Shady Spring, Raleigh County Sunday night.The fire started just after 8 p.m. in Country Road Estates.Everyone inside the home was able to make it out unharmed.Ghent, Beaver, and Coal City Fire Departments responded to the scene.Right now - the cause of the fire has not been determined but crews did say there was natural gas inside the home.As of 11 p.m. Sunday, the scene was still not cleared.
  • Several arrested after city-wide drug sweep in Greenbrier County

    Several arrested after city-wide drug sweep in Greenbrier County

    Several arrested after city-wide drug sweep in Greenbrier County

    Sunday, April 20 2014 8:10 PM EDT2014-04-21 00:10:53 GMT
    Four men are arrested after a city-wide drug sweep in Greenbrier County.On Thursday, April 17 officers with Alderson Police Department along with the Greenbrier County Sheriff's Department and the West Virginia State Police made three felony arrests and one misdemeanor arrest on drug charges.Jeremy Lewis is charged with delivery of a controlled substance (marijuana) , possession with intent to deliver, and conspiracy to commit a felony.Ronald Cook Jr. is charged with two counts of delivery of...
    Four men are arrested after a city-wide drug sweep in Greenbrier County.On Thursday, April 17 officers with Alderson Police Department along with the Greenbrier County Sheriff's Department and the West Virginia State Police made three felony arrests and one misdemeanor arrest on drug charges.Jeremy Lewis is charged with delivery of a controlled substance (marijuana) , possession with intent to deliver, and conspiracy to commit a felony.Ronald Cook Jr. is charged with two counts of delivery of...
  • One man shot early Saturday morning in Beckley

    One man shot early Saturday morning in Beckley

    Sunday, April 20 2014 5:36 PM EDT2014-04-20 21:36:35 GMT
         One man is in custody Saturday after a bar shooting in Raleigh County.
         One man is in custody Saturday after a bar shooting in Raleigh County.

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.