Bankruptcy Pleading of the Day: Chapter 11 Petition of Patriot Coal Corporation
Earlier today, Patriot Coal Corporation (NYSE: PCX), a producer and marketer of coal products in the eastern United States, and substantially all of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.
In addition to the voluntary petition embedded below, you can also see the list of the companies’ top 20 largest unsecured creditors on a consolidated basis in a follow-up post which can be found here.
The companies announced that they have obtained a commitment for $802 million in debtor-in-possession (DIP) financing from Citigroup Global Markets Inc., Barclays Bank PLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers. Patriot Coal is represented in the bankruptcy cases by Davis Polk & Wardwell LLP (legal advisor), Blackstone Advisory Partners LP (financial advisor), and AP Services, LLC (interim management services) The company has also appointed Ted Stenger, a Managing Director at AlixPartners LLP, as Chief Restructuring Officer.
