Patriot Coal, DIP Lenders Agree On Revised Deal

Law360, New York (August 08, 2013, 4:05 PM ET) -- Patriot Coal Corp. on Wednesday said it has reached a deal with its debtor-in-possession lenders to ease up on minimum earnings thresholds in order to avoid default, in light of the falling price and demand for metallurgical coal.

The St. Louis-based mining company told a Missouri bankruptcy court that it and the DIP lenders have come to an agreement on an amendment to a deal first floated on July 30, when it admitted that the company’s third quarter earnings would likely fall short of levels required...
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