Oil, Gas and Consumable Fuels
Company Overview of Patriot Coal Corporation
Patriot Coal Corporation is engaged in the mining, preparation, and sale of thermal and metallurgical coal with coal reserves in the Appalachia and the Illinois Basin coal regions in the eastern United States. The company sells its thermal coal primarily to electricity generators and industrial users; and metallurgical coal to steel mills and independent coke producers. As of December 31, 2013, its operations consisted of 10 active mining complexes. The company controls approximately 1.8 billion tons of proven and probable coal reserves, including metallurgical coal and medium and high-Btu thermal coal, with low, medium, and high sulfur content. Patriot Coal Corporation is headquartered in S...
63 Corporate Centre Drive
PO Box 1001
Scott Depot, WV 25560
Key Executives for Patriot Coal Corporation
Chief Executive Officer and President
Chief Operating Officer and Executive Vice President
Senior Vice President of Law & Administration and General Counsel
Senior Vice President of West Virginia Northern Region Operations
Senior Vice President of West Virginia Southern Region Operations
Compensation as of Fiscal Year 2015.
Patriot Coal Corporation Key Developments
Fourth Amended Reorganization Plan and Disclosure Statement Approved for Patriot Coal Corporation
Oct 9 15
The US Bankruptcy Court approved the fourth amended plan of reorganization and related disclosure statement of Patriot Coal Corp. on October 9, 2015. As per the approved plan, administrative claims of $75, DIP claims of $106 million, professional fee claims, priority tax claims and other priority claims of $5.06 million shall be paid in full in cash. Adequate protection claims will be paid full in cash. Secured tax claims shall be paid in cash, or equal semi-annual cash payments equal to allowed claims together with interest, or regular cash payments. Other secured claims of $132.46 million shall be paid in full in cash or receive collateral securing such claims. Prepetition ABL Facility claims of $44.26 million will get payout event distribution if the payout event occurs or otherwise all drawn LC will get repaid in cash from proceeds of the combined company first lien term loan and each undrawn LC shall be replaced with LC issued under the combined company new ABL. Prepetition LC Facility claims of $192.24 million, Prepetition Term Loan Facility claims of $246.88 million, Prepetition Notes claims of $305.50 million will get payout event distribution if the payout event occurs or otherwise if payout event does not occur, its prepetition facility distribution. General unsecured claims of $83.19 billion will get payout event distribution if payout event occurs or otherwise its general unsecured claims distribution. Intercompany claims of $6.45 billion, intercompany interests and equity interests shall not receive any distribution and will be cancelled under the plan. The plan shall be funded through cash and equivalents and sale of assets. The debtor shall raise new financing through sale of assets of the company.
Patriot Coal Plans to Lay Off More Than 2,000 Employees at its Operations in West Virginia
Oct 7 15
Patriot Coal expects to lay off more than 2,000 employees at its operations in West Virginia. The company issued layoff warning notices in Boone and Kanawha counties.
Patriot Coal Plans To Sell Assets
Oct 6 15
Patriot Coal Corporation says it expects the sale of its assets to result in the layoffs of more than 2,000 workers at its West Virginia operations. "The loss of jobs total 1,056 . This news is very disheartening for the mining communities in West Virginia," County Commission President Kent Carper said.
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