Patriot Coal Corp. has revised its reorganization plan, as expected, ahead of a key bankruptcy hearing next week, the St. Louis Post-Dispatch reported yesterday. The new plan, filed on Saturday in bankruptcy court, incorporates agreements that the Creve Coeur, Mo.-based coal producer reached with the unsecured creditors committee as well as with the United Mine Workers of America. If the bankruptcy judge approves the company’s amended disclosure statement on schedule, a confirmation hearing for approval of the plan will take place Dec. 17, clearing the way for the company’s emergence from federal bankruptcy protection. Funding for Patriot’s plan comes in part from $250 million in two rights offerings in which Knighthead Capital Management LLC provides a backstop by agreeing to purchase securities not taken by other creditors.
