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Thursday, Oct 31
Patriot Coal moves toward $576M in bankruptcy-exit financing
- Patriot Coal (PCXCQ +13%) says it has reached preliminary deals to secure $576M in bankruptcy-exit financing, the last essential component for reorganization plans and the ultimate successful emergence from Chapter 11.
- The financing comes on the heels of two other crucial sources of funding for Patriot's reorganization plans: a $250M rights offering, which hedge fund Knighthead Capital has agreed to backstop, and a $310M settlement with Peabody Energy.