Patriot Coal court grants final access to $100 million DIP facility

By Kali Hays

New York, June 3 – Patriot Coal Corp. won final approval of a $100 million debtor-in-possession loan facility on Wednesday under an order from the U.S. Bankruptcy Court for the Eastern District of Virginia.

As previously reported, the company received interim access to $30 million of the loan on May 14.

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

Interest will be 12%.

The facility will mature on Nov. 30.

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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