Davis Polk is advising Patriot Coal Corporation in connection with its reorganization under Chapter 11 of the Bankruptcy Code and the related $802 million in debtor-in-possession (DIP) financing. Patriot Coal and substantially all of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York on July 9, 2012.
In conjunction with its reorganization, Patriot has obtained $802 million in DIP financing from Citigroup Global Markets Inc., Barclays Bank PLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers, which was approved by the Bankruptcy Court on July 10, 2012.
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 12 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 1.9 billion tons of proven and probable coal reserves.
The Davis Polk restructuring team includes partners Marshall S. Huebner, Damian S. Schaible and Brian M. Resnick, and associates Darren S. Klein, Michelle M. McGreal and Eli James Vonnegut. The credit team includes partner Waide Warner and associate Tenley Laserson Chepiga. The mergers and acquisitions team includes partner William L. Taylor. The capital markets team includes partner Sarah E. Beshar. The tax team includes partners Kathleen L. Ferrell and Neil Barr and associate Arie Rubenstein. Partner Edmond T. FitzGerald and associate Ron M. Aizen are advising on compensation and employee benefits issues. The environmental team includes counsel Betty M. Huber and Hayden S. Baker. The litigation team includes partners Elliot Moskowitz and Amelia T.R. Starr, and counsel David B. Toscano and Jonathan D. Martin. All members of the Davis Polk team are based in the New York office.
