Patriot Coal granted interim access to $30 million of DIP financing

By Caroline Salls

Pittsburgh, May 14 – Patriot Coal Corp. obtained interim access to $30 million of a proposed $100 million in debtor-in-possession financing, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The final hearing is scheduled for June 3.

Cantor Fitzgerald Securities is the administrative agent for the DIP loan.

Interest will be 12%.

The facility will mature on Nov. 30, 2015.

Patriot Coal, a Richmond, Va.-based miner, producer and seller of thermal coal, filed for bankruptcy on May 12. The Chapter 11 case number is 15-32450.

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