Wilmington Trust Clarifies Role in Patriot Coal Corp. Bankruptcy

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July 11, 2012
Wilmington Trust has no credit exposure, serves in trustee role only
Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Institutional Client Services(ICS) business, publicly clarified that it is not a creditor to Patriot Coal Corporation, which filed a petition on July 9, 2012 in the U.S. Bankruptcy Court for the Southern District of New York.
Some media stories have incorrectly identified Wilmington Trust as a creditor. Wilmington Trust is not a lender to Patriot Coal. The bankruptcy filing of Patriot Coal poses no credit or investment risk to Wilmington Trust. In the bankruptcy filing, Wilmington Trust is a trustee for a group of bondholders.
Wilmington Trust’s ICS business is a leading provider of trustee and other bankruptcy and corporate restructuring services. ICS has provided services in several of the largest corporate bankruptcies in American history. Wilmington Trust has chaired the unsecured creditors’ committee of both the General Motors Corporation and Lehman Brothers Holdings, Inc. bankruptcy cases. Additionally, Wilmington Trust has served on the unsecured creditors’ committee in the Washington Mutual, Inc., WorldCom, Thornburg Mortgage, General Growth Properties, and Tribune Company bankruptcies, among others.
In 2011, Wilmington Trust was appointed by the U.S. Trustee to serve as a member of the unsecured creditors’ committee in the bankruptcy of MF Global Holdings LTD.
Most recently, Wilmington Trust (London) Limited, a subsidiary of Wilmington Trust, was appointed as trustee for the exchange bonds and new debt securities issued on March 12 by the Hellenic Republic, commonly known as Greece, under its debt restructuring program.
In addition to providing bankruptcy and restructuring services, ICS offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital markets financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. ICS is distinguished from many of its competitors by its status as a core business, the experience and expertise of its global staff, its multi-jurisdictional presence, and its reputation for superior service and execution.

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