’s largest coal producers has
filed for restructuring under Chapter 11 bankruptcy. Patriot Coal announced
Tuesday it’s in active negotiations to sell all of its operating assets to a
strategic partner. West Virginia
The bankruptcy filing for Patriot is the second time in the last three years. It had emerged from an earlier Dec. 2013 filing.
“In light of the challenging market conditions, and after a comprehensive review of our alternatives, the Board and management team have determined that this process represents the best path forward for Patriot and its stakeholders,” Patriot President and CEO Bob Bennett said in a news release announcing the filing.
Patriot said it plans to to continue mining operations and shipments “in the ordinary course” during the restructuring process. The company, which is based in
County and has eight mining facilities
in the state, idled two operations in
in late-March. Kanawha County
The Samples surface mine and the
mine, both part of the company’s Paint Creek operations, were temporarily
idled. Patriot blamed the move at the time on a weak market for thermal coal,
EPA regulations that have caused the closure of coal-fired power plants, the
low-cost of natural gas and the reduction of exports. Winchester
Patriot announced April 3 a change in leadership when then president and CEO Ben Hatfield resigned.