ST. LOUIS, Mo. — More than 17 months after first filing for bankruptcy, Patriot Coal is getting a fresh start.

On Wednesday, company officials said Patriot had closed on its exit financing, completed the rights offerings and officially emerged from Chapter 11 bankruptcy.

“We look forward to a new beginning as a well-capitalized company providing a competitive product to the electric utility and steel industries,” said Ben Hatfield, Patriot chief executive officer, in a statement.

Earlier this week, the U.S. Bankruptcy Court in Missouri approved Patriot’s plan of reorganization which was the final step in the process.

Patriot first filed for bankruptcy in July 2012.¬† Since then, company officials have worked streamline the company’s¬†operations to put it back on solid financial footing.

A key part of that work was reaching an agreement on health care benefits for retirees, including those who had formerly worked for Peabody Energy.

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Comment

  • Dennis

    Good news! Now if they can only emerge from the EPA's heavy handed tactics.