Patriot Coal Plan of Reorganization
The Patriot Coal Plan of Reorganization allows for a private stock distribution in the newly formed Patriot Coal as it exits Chapter 11 Bankruptcy, expected by year end 2013.
Initially holders of the 8 1/4's will receive 60% of the common and after a Rights Offering holders will own 92.3%.
The aggregate subscription price for the Payment In Kind Notes will be $250 million. The Backstop Parties (Knighthead) will be offered rights to purchase up to 40% of the Rights Offering Notes and up to 40% of the Rights Offering Warrants. These warrants will exercise at 1 cent. Then the Senior Note Claim ($250m) will represent 92.3% of the common stock.
Other holders excluding the Backstop Parties will participate in remaining notes and warrants.
Convertible debt, (the 3 1/14's) and general unsecured will participate marginally.
Shares will be delivered to a Voting Trust.
Shares will not be trading.
I guess you will need to sell your common stock on EBAY?
Stephen P. Vlahos
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