Patriot will seek Court approval of the transaction at a Bankruptcy Court hearing scheduled for October 5, 2015.
Patriot president and CEO Bob Bennett said: "The auction process was robust and competitive. We are pleased with the results of the auction and believe that the proposed transaction with Blackhawk is in the best interest of Patriot, and its employees and stakeholders.
We look forward to obtaining confirmation of our plan and consummating this transaction, and are gratified to have a solution that preserves jobs in West Virginia, helps ensure environmental obligations are handled in a responsible manner and maximizes value for creditors. As we work to complete the sale process, we remain committed to operating safely and serving our customers."
The transaction with Blackhawk is subject to court approval and confirmation of Patriot’s proposed plan of reorganization, as well as certain other customary conditions.
Coronado Coal, which also submitted a qualified bid and participated in the auction, was designated the backup bidder should the Blackhawk transaction not be approved.
