ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Patriot Coal Says Refinancing Efforts Continuing

DOW JONES NEWSWIRES Patriot Coal Corp. (PCX) said its refinancing plans are continuing and confirmed it is working with private-equity firm Blackstone Group LP (BX) on the effort. The short statement came after a sharp and sudden selloff of Patriot's shares following a Debtwire report on the company's alleged plans to restructure. Late Monday, Debtwire, citing unnamed sources, reported Patriot was fielding pitches from restructuring advisers in the event the company can't satisfy its near-term financing needs. Debtwire said Blackstone and Centerview Partners LLC were involved and law firm Davis Polk & Wardwell LLP was organizing the talks on Patriot's behalf. Patriot said earlier this month it entered into a commitment letter for a new revolving credit facility and new term loan facility for $625 million from three lenders: Citigroup Inc. (C), Barclays PLC (BCS, BARC.LN) and Natixis (NTXFY, KN.FR). "Patriot Coal Corp. is continuing to work with these lenders to strengthen its finances, including the replacement of its current credit facilities well before certain of its debt obligations become due in March 2013," the company said. It confirmed it is working with Davis Polk, its long-time counsel, and Blackstone "to achieve an optimal financing package," it said. Following the Debtwire report, shares shed more than 50% of their value, but have now bounced back somewhat, triggering two single-stock circuit breakers as the stock recouped some losses in the wake of Patriot's statement. Shares were down 29% at $2.38 in Tuesday afternoon trading. The stock is down 72% so far this year. The company last week lowered its sales volume outlook for metallurgical coal for the rest of the year, citing the potential default of a key customer. Two ratings firms soon after downgraded the company's credit ratings. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
04/22/201416:26:32Citigroup Shareholders Approve Leaders' Pay -- 4th Update
04/22/201413:36:14Citigroup Shareholders Approve Leaders' Pay -- 3rd Update
04/22/201413:10:08Citigroup Shareholders Approve Leaders' Pay -- 2nd Update
04/22/201411:10:07Citigroup CEO Addresses Fed Concerns
04/22/201411:04:11Citigroup CEO Addresses Fed Concerns at Annual Meeting
04/22/201410:50:33Citigroup Said to Seek Sale of 50 Branches in California -Bloomberg
04/15/201423:41:11Citi Picks Dewilde to Lead Asia Markets and Investor Services...
04/15/201416:48:51MARKET SNAPSHOT: Stocks Gain For 2nd Day In Row After Ukraine...
04/15/201415:52:11MARKET SNAPSHOT: Stocks Bounce Back As Ukraine Worries Ease
04/15/201415:01:49MARKET SNAPSHOT: Stocks Rebound As Ukraine Worries Ease Slightly
04/15/201413:57:11MARKET SNAPSHOT: Stock Losses Deepen As Ukraine Tensions Escalate
04/15/201413:28:33MARKET SNAPSHOT: Stock Losses Deepen Amid Deepenng Ukraine Tensions
04/15/201412:01:52MARKET SNAPSHOT: Stocks Rattled By Housing Data, Ukraine Tensions
04/15/201410:08:36MARKET SNAPSHOT: U.S. Stocks Gain As Coke, J&J Jump After Earnings
04/15/201408:52:57U.S. Stock Futures Rise
04/15/201404:50:10European Markets Steadying After Heavy Losses
04/15/201404:33:21European Markets Steadying After Last Week's Heavy Losses
04/14/201419:30:18Citi's Mexico Unit Says Fraud Will Cut Profit by $112 Million
04/14/201419:20:37Citi's Mexico Unit Says Fraud Will Cut 1Q Profit by $112 Million
04/14/201416:42:11MARKET SNAPSHOT: Stocks Rebound; Nasdaq Erases Late Swoon

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad