Patriot financing receives court approval
11th Jul 2012
JULY 11 – Interim approval has been granted for $US802M debtor-in-possession financing for Patriot Coal.
The company has received commitments for the funding from Citigroup Global Markets, Barclays Bank and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
The Bankruptcy Court for the Southern District of New York has granted the interim approval, including interim authorisation to immediately access $677 million of the financing.
The funding will allow Patriot to continue operating its business in the ordinary course during the reorganisation process.
In addition, the court has granted interim authorisation for Patriot to continue to pay wages and provide health care and other benefits to employees, using existing cash management systems.
Patriot filed voluntary petitions for reorganisation under Chapter 11 of the Bankruptcy Court earlier this week.
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