Court Grants Final Approval of Patriot Coal DIP Financing
U.S. Bankruptcy Judge Shelley C. Chapman in the U.S. Bankruptcy Court in the Southern District of New York has granted final approval of Patriot Coal Corporation’s $802 million debtor-in-possession (DIP) loan provided by Citigroup, Barclays and Bank of America, a Dow Jones Bankruptcy Review article said.
The company received interim approval of its DIP loan in mid-July. The final approval comes after lawyers, who had issues with the terms of the DIP loan came to agreements with Patriot Coal’s lawyers, the article said.
Patriot Coal Corporation is a producer and marketer of coal products in the eastern U.S.
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