Patriot Coal Corp. has successfully competed the chapter 11 process with its plan of reorginisation now in effect.
In conjunction with the plan becoming effective, Patriot has completed the transactions to sell most of its 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 CEO of Patriot, commented: "We are pleased to have reached the successful conclusion of this process, which we believe represents the best possible outcome for Patriot's employees and stakeholders. On behalf of Patriot Coal, I want to thank all of our employees for their hard work and dedication. I also thank our professionals and the many outside parties who worked so tirelessly to help achieve this result. I am confident that Blackhawk and VCLF will be responsible stewards of our mining operations going forward, and I wish them and their employees the best of luck."
Centerview Partners LLC is serving as financial advisor and investment banker for Patriot. Kirkland & Ellis LLP is is serving as legal advisor to the company and Alvarez & Marsal is Chief Restructuring Officer.
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/29102015/patriot-coal-carries-out-its-plan-of-reorginisation-3079/