Court Confirms Patriot Coal's Plan Of Reorganization Company Expects to Emerge from Chapter 11 Reorganization on December 18
ST. LOUIS, Dec. 17, 2013 /PRNewswire/ -- Patriot Coal Corporation (OTC: PCXCQ) today announced that the U.S. Bankruptcy Court for the Eastern District of Missouri has confirmed the Company's Plan of Reorganization. Patriot will close on its exit financing, complete the rights offerings and emerge from Chapter 11 reorganization on December 18.
"This marks the final step in Patriot's financial restructuring," commented 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."
About Patriot Coal
Patriot Coal Corporation is a producer and marketer of 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.
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may be beyond the Company's control and may cause actual future results to differ materially from current expectations. The Company undertakes no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Factors that could affect the Company's results include, but are not limited to: the ability of Patriot and its subsidiaries to continue as a going concern; coal price volatility and demand; the outcome of commercial negotiations involving sales contracts or other transactions; employee attrition and the Company's ability to retain senior management and key personnel; U.S. and international financial, economic and political conditions, including coal, power and steel market conditions; availability and prices of competing energy resources for electricity generation; geologic, equipment and operational risks associated with mining; the ability to successfully implement solutions to treat effluent selenium exceedances; actual costs of complying with selenium effluent limits; reductions of purchases or deferral of shipments by major customers; changes in the interpretation, enforcement or application of existing and potential laws and regulations affecting the production of the Company's coal; environmental laws and regulations, including those affecting the Company's operations and those affecting customers' coal usage; labor availability and relations; availability and costs of credit, surety bonds and letters of credit; weather patterns and conditions affecting energy demand or disrupting supply; regulatory and court decisions including those impacting permits issued pursuant to the Clean Water Act; developments in greenhouse gas emissions regulation and treatment; the outcome of pending or future litigation, changes in the costs to provide healthcare to eligible active employees and certain retirees under postretirement benefit obligations; increases to contribution requirements to multi-employer retiree healthcare and pension plans; customer performance and credit risks; inflationary trends; downturns in consumer and commercial spending; supplier performance and the availability and cost of key equipment and commodities; availability and costs of transportation; the Company's ability to respond to changing customer preferences; the effects of mergers, acquisitions and divestitures; competition in the coal industry; and the Company's ability to replace coal reserves. In the event that the risks disclosed in Patriot's public filings and those discussed above cause results to differ materially from those expressed in Patriot's forward-looking statements, Patriot's business, financial condition, results of operations or liquidity, and the interests of creditors, equity holders and other constituents, could be materially adversely affected. For additional information concerning factors that could cause actual results to materially differ from those projected herein, please refer to Patriot's Form 10-K and Form 10-Q reports.
SOURCE Patriot Coal Corporation