Patriot Coal (OTC: PCXCQ), in Chapter 11 reorganization since July 2012, on Sept. 6 filed a plan of reorganization with the U.S. Bankruptcy Court for the Eastern District of Missouri as contemplated by the terms of it debtor-in-possession financing.
The company said it anticipates filing its disclosure statement with the court in the next few days, which will contain additional details about the proposed plan.
The plan contemplates the reorganization of the debtors and the resolution of all outstanding claims against and interests in the debtors. It includes the terms of various agreements so far, including a recent settlement with the United Mine Workers of America union over reduced employee obligations. The plan filed Sept. 6 has little in the way of concrete details about the structure of the reorganized company, which is something that will be in the imminent disclosure statement.
Patriot Coal is a producer and marketer of coal in the eastern U.S., with 11 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.