Patriot Coal Can Pay Hedge Funds $2M In Rights Offering Deal

Law360, New York (July 29, 2013, 4:53 PM ET) -- A Missouri bankruptcy judge on Friday signed off on a request by Patriot Coal Corp. to pay up to $2 million to two hedge fund bondholders, fees that would allow the funds to backstop a possible rights offering as the parties hash out a reorganization plan. 

The bankrupt company said it needed to pay for fees and expenses to continue talks with Aurelius Capital Management LP and Knighthead Capital Management LLC over a Chapter 11 plan that would provide hundreds of millions of dollars in financing...
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