Monday, August 17, 2015

Patriot Coal selling some assets to Va. nonprofit affiliate

(AP) — Patriot Coal Corp. says it plans to sell some of its assets to an affiliate of the nonprofit Virginia Conservation Legacy Fund.

The sale announced Monday to ERP Compliant Fuels LLC involves assets and liabilities that weren't included in a previously announced sale agreement with Blackhawk Mining.

Patriot says in a news release that the Virginia nonprofit would acquire the Federal Mining Complex in northern West Virginia, the Corridor G Mining Complex in southern West Virginia and other mining permits for purposes of water quality improvement and land reclamation.

Lexington, Kentucky-based Blackhawk announced in June that it entered a definitive agreement to purchase Patriot's Panther, Rocklick Wells, Kanawha Eagle, Paint Creek and Midland Trail complexes in southern West Virginia.

Patriot filed for Chapter 11 bankruptcy protection on May 12.