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Don't know, but I got my letter from them today.
So, are we done here? I haven't been on this board in a few days...
So what's your point?
o be doing everything to the "T" to live after ch. 11.. opinions
Moody's Rating system:
B1 All 3 Judged as being speculative and a high credit risk.
B2 with 3 the lowest
B3
"Moody's assigns B3 rating to Patriot Coal"
https://www.moodys.com/research/Moodys-assigns-B3-rating-to-Patriot-Coal--PR_285521?WT.mc_id=NLTITLE_YYYYMMDD_PR_285521
Excerpts:
The B3 CFR reflects the company's high concentration in Central Appalachian region (8 of 11 mining complexes, producing over 60% of total coal volume), where the thermal market is in secular decline, while metallurgical market continues to be weak due to the ongoing sluggishness of the global steel sector. The ratings acknowledge the various steps the company has taken to restructure its operations during the bankruptcy process, including rationalizing production volumes, closing higher cost operations, and renegotiating its labor contracts and retiree benefits. (and stealing stock from its stockholders [okay I had to add that]) In particular, the company's settlements with Peabody, Arch and the United Miners Workers of America (UMWA) reduced is retiree healthcare liabilities by $1.5 billion and are expected to result in annual cost savings of roughly $130 million.
Notwithstanding the restructuring, we believe that the company's costs will remain under pressure due to the nature of company's operations, which include a mix of mine types (with only two utilizing the more cost efficient longwalls), high proportion of unionized labor, and increasingly difficult geological conditions in Central Appalachia. In addition, the company is currently involved in various legal proceedings related to selenium water contamination, and is in the process of developing and implementing technology that would allow it to comply with the terms of its permits and settlements. Although the company has made progress in developing the necessary technology and lowering expected costs, the ratings reflect the continuing uncertainty over ultimate resolution and future obligations.
The ratings also reflect Patriot's ample export capacity and availability of multiple shipping options, as well as a diverse international customer base -- all of which are favorable factors in the company's ability to market its coal to the seaborne markets. However, the company needs a recovery in both metallurgical and thermal prices in order to generate positive free cash flows. Absent commodity price recovery, the company's margins will come increasingly under pressure as more favorably priced contracts roll off. Over the next 12-18 months, we expect the company's Debt/ EBITDA, as adjusted by Moody's, to range from 5x to 8x. This includes our standard adjustment for operating leases, adding roughly $300 million in debt and $60 million to EBITDA, and our adjustment for multi-employer pension plans, adding roughly $140 million to debt.
interesting paraphrased.. whats the rest of that say?
just wishing for the best...imo
has been a long slid down...imo
go'na have a good right of one of these days...I guess...imo
You ain't getting any of that "new"
"forged" stock.. unless you are
one of the lenders or hedgies.
Or PCX hqtrs' double-dealers.
Look for an announcement that
"they" are not going to cancel the
stock.
I just sold.
Yup!
Let's just call the whole "experience" a...
god-awful jinx.
From the first day that I bought
a stock called "patriot".
I dropped the sell price even more
and tried smaller amounts.
Nada.
Do you really think they know
who I am?
Do you really think they are trying
to do me a favor by not letting me
sell my stock? Because they have
found out it is not going to be
canceled?
MMs? Manipulation? I've been trying to sell
some PCX at a lower price than the MMs
are even asking all morning.
No "execution".
Interesting? 100,000 shares have traded
between .082 and .089.
I tried to sell some at .080.
Nothing happened.
1 more step toward "success" by the diabolical..
cronies of the hedgies:
Patriot Coal Secures Consents For Conversion Of Credit Facility
3:23p ET November 12, 2013 (PR NewsWire)
Patriot Coal Corporation (OTC: PCXCQ) today announced that it has secured the required consents from its lenders to transfer a portion of the Company's current letter of credit facility into a new $201 million letter of credit facility with a five-year term. Additionally, the Company is preparing to commence syndication of a $250 million term loan facility and a $125 million asset-backed revolving loan facility.
Barclays will serve as Lead Left Arranger and Bookrunner (MORE LIKE BOOKMAKER) for the term loan facility, with Deutsche Bank acting as Joint Lead Arranger and Bookrunner. Deutsche Bank will serve as Left Lead Arranger and Bookrunner for the asset-backed revolving loan facility, with Barclays acting as Joint Lead Arranger and Bookrunner. The Company expects to launch the syndication of these facilities on November 14 with the expected closing of the facilities concurrent with Patriot's emergence from bankruptcy, expected prior to the end of 2013.
PS
And American Air's un-stolen stock just keeps running and running.
It's already about 4 times higher than it was before BK.
Euro Coal-Prices firm on potential Colombian export shortfall
European physical coal prices were firm on Monday as a major Colombian miner said it might struggle to meet its export targets for 2013 following a strike and a rebel attack earlier this year.
Cerrejon, Colombia's top coal producer, said on Sunday that meeting its 2013 production target of 34 million tonnes would be difficult after a month-long strike earlier this year and guerrilla attacks on its railway.
A potential shortfall in Colombian exports during the peak demand winter season in Europe has sustained a premium for European import prices over South African and Australian coal contracts.
The bid-offer range for coal prices for delivery in December into Europe's main import terminals at Amsterdam, Rotterdam and Antwerp (ARA), which include cargoes from Colombia, was at $83-$85.50 a tonne on Monday, over $4 above the equivalent South African cargo range of $80-$81.75 a tonne.
How can the creditors possibly vote
in favor of this dastardly debacle?
"They" are being robbed of everything..
and it's being given to the hedgies.
There are myriad assets being hidden.
And the hedgies know it and are
suppressing it.. probably with help
from hqtrs.
Those assets should be assigned to
the average Joe creditors who are
being r*ped. And plundered.
There should be a congressional
investigation of this scam.
No! Let's appoint me to lead the
investigation.
D*MN! It hurts to watch what can happen
to a stock that isn't stolen by BK
manipulators.
I don't care what you say about creditors
and anybody else.
American Air has creditors BUT stockholders
were "allowed" to keep their stock.
AMR stock went from .30 cents to $12 DOLLARS.
And they did not have to steal the stock
to do that.
&$%^(O)(@!$#$%ing PCX hqtrs, hedgies, and their
prostituted ilk.
Oh yes, but probably better off getting admin shelly's viewpoint.
There is not an average Joe out there
worth his weight in pizza who would
vote in favor of having 98% of
his "stuff" stolen from him.
Period.
Would you?
And now that we've seen 1st hand how
mendacious hqtrs is.. it would not be
surprising to have a rigged vote.
It happens all the time.
Yup!
But nobody wants to believe it.
Nope!
Please do not think that I did not
think that hqtrs and the court were
going to do the diabolical thing
and obliterate the stock.
That DOES NOT MAKE IT RIGHT.
If "average Joe" knew how easy
it is for the big boys (with the
help of the "justice" system) to
steal their stock, they would not
buy another share of stock.
Motherhood, appple pie, the American
flag, and winning the battle of Midway.
PS
BUT then there are those pesky lies
that Patriot hqtrs told...
PSS
The deceptive name of the copy itself is
a testimonial to their "false" flag
waving perfidiousness.
fung derf
Can you give an explanation to your picture? Looks like there is a story there...
Yes, average joe creditors only.
It was known that shareholder were not entitled to anything from the beginning.
IMO
I don't think the shareholders have much of a leg to stand on, but I do think the bondholders should be able to collect. I'm really surprised by the split.
The only this would be if enough average joe creditors object/oppose confirmation of the the plan.
Imo
Ouch. Now THERE may be a reason to sue the company.
The average joe who owns Seniors are only getting between 2.x% to 10%.
IMO
I'm showing they last traded at $37, but were up around $58 not that long ago.
But I think you're right, they also look to get screwed, however, I don't understand how you can pay some of the senior debt, but not others. I guess it depends on the order of the debt.
Actually, if an average joe bought seniors, they got the shaft as well, almost wiped out.
IMO
"BTW, I abhor hedge funds and the damage they
do to the stock market."
They should be tarred and feathered,
Then drawn and quartered,
and then executed.
Nothing I did during my 26 years in the military
had anything to do with wanting to protect
them from anybody.
PS
It seems there is something that the derfer
and I agree upon.
PSS
I went to the Air Force Academy for start
of career.
So that means I volunteered.
sambeaux, being that you are a veteran, I will give you a break today. Thanks for serving. Did you volunteer or were you dragged in?
Can't say I didn't post often enough that the only way to play this was to buy the senior notes.
BTW, I abhor hedge funds and the damage they do to the stock market.
Save a miner's job, vote to cancel Patriot's stock!
This Veteran thanks other Veterans for
helping protect and save America.
11/11/11/11(13)
PS
The chances are that there are probably no more than
a couple of million shares of PCX still in regular
old American citizens' hands.
Heck there might even be some other Veterans who
deserve honorable actions from the court.
It would be so darn easy for "Patriot" Coal (and
the court) to use "Patriot's" day to do the
honorable thing. And announce that they are
NOT canceling the stock.
THOSE greedy manipulations make honest
Americans puke.
How does the BK court perpetuate such
prostituted mendacities.. over and over?
Because they can.
The vast majority "know" it. They just
don't like being pillaged.. or seeing
other people being pillaged.. by
the greedy boorwaghee.
step 1: declare BK,
Step 2: steal stock,
step 3: hand our massive bonuses.
It's The American BK way.
Yup, the hedge funds were going to steal Patriot Coal from from the creditors from the beginning.
10/10/13 Knighthead Capital Management, LLC owns $57,356,000 of 8.25% Senior Notes
11/08/13 Knighthead Capital Management, LLC increases its holdings to $70,356,000 of Senior Notes
10/10/13 Davidson Kempner Capital Management LLC owns $35,000,000 of First Out DIP Facility
11/08/13 Davidson Kempner Capital Management LLC increases it holdings to include $13,000,000 of Senior Notes in addition to their $35,000,000 of First Out DIP Facility
4/19/13 Aurelius Capital Management, LP owns $77,901,000 of 8.25% Senior Notes and $19,665,000 of 3.25% Convertible Senior Notes
http://www.patriotcaseinfo.com/pdflib/4765_51502.pdf
www.patriotcaseinfo.com/pdflib/4970_51502.pdf
imo
The shares are worthless, some people just don't know it yet.
"He lives for the notoriety" Nopitee nope..
and not at all. Except when it comes to
Watchdogging local govt bureaucrats..
and their mendacities and bungling.
And when performing philanthropic concerts
for seniors and veterans and regular old
citizens.
and justifiably
PS
Sam is only in 4th place as the representative
victim in the class lawsuit. Maybe even 5th or
6th by the time all the calculations of stolen
PCX stock are in.
"very sophisticated creditors/investors"? These
creditors are the ones who want PCX to be BK.
So they scavenge the assets at a rock bottom
"price". They are getting a huge amount of the
new stock.
The mom and pop creditors have complained.. to
deaf ears.
The moms and pops will likely vote against the
diabolical scheme.
But with a "vote" that is likely rigged, citizens
will never know the truth.
Also, there have been many many reports of assets
being "buried".
Even when BK was filed PCX said assets were
$1/2 BILLION larger than liabilities.
This whole thing reeks to high hell.
But this is the way the boorwazee has
taken things for the last many many years.
Sadly and sickeningly.
I'm sure someone will file a class action suit. sambeaux can be the class representative. He lives for the notoriety.
Sammy, old Anvil likes a little levity as well.
"(PCX) Judge Surratt-States is expected to consider
approving the restructuring plan itself next month,
following a creditor vote."
There about 2 things that might save the stock.
1. An honest vote by the creditors (who are receiving
as low as 2 cents on the dollar) that says NO to
the bogus BK scheme.
2. The court overrules part of the vote and DOES NOT
allow the diabolical canceling of the stock (that
PCX hqtrs is asking for).
AND/OR, the court just might do the right thing.
And not cancel the stock that people paid hard-earned
money for.
PS
The court case against PCX hqtrs (for violating
their fiduciary trust to be honest to shareholders)
would likely cost PCX many times more than the
entire (puny) value of the current stock.
PSS
Patriot Coal has a lot more value in its assets
and "belongings" than is being revealed publicly.
A lot more.
When that happens, and new shares are created. How does the new share price react after it opens? I would think with the debt issues and other concerns behind them, it should move up nicely. Are there any examples of other stocks that cxld old shares and how the new shares fared after the company emerged from bankruptcy?
The POR and all disclosure statements that I've seen indicate cancellation of existing shares.
I noticed on the Ihub trade tracker all the volume was on the sell side. zero buys. How sad the outcome here. I remember the spin off and the huge rise in value and then this outcome as though it was the plan all along.
I haven't following this story but Im assuming they're going to cancel the original shares?
semi OT - At last a little humor. Sam likes
humor.
And this fellow proves it every day.
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This board is for fundamental and technical discussion about Patriot Coal Corporation, PCX.
On July 9, 2012, Patriot Coal Corporation and substantially all of its wholly owned
subsidiaries (collectively "Patriot") filed voluntary petitions for reorganization under
chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the
Southern District of New York. On November 27, 2012, an Order was entered which
transferred the Patriot chapter 11 proceedings to the Bankruptcy Court for the Eastern
District of Missouri. Patriot intends to use the reorganization process to make
necessary changes and ensure the Company's future viability.
Patriot Coal Corporation (Patriot) is a producer of coal in the eastern United States, with operations and coal reserves in Appalachia and the Illinois Basin. It is also a producer of metallurgical quality coal. The Company's operations consist of 10 company-operated mines and numerous contractor-operated mines serviced by eight coal preparation facilities, with one in northern West Virginia, four in southern West Virginia and three in western Kentucky. Patriot ships coal to electric utilities, industrial users and metallurgical coal customers via third-party loading facilities and multiple rail and river transportation routes. During the year ended December 31, 2007, the Company sold 22.1 million tons of coal, of which 77% was sold to domestic electric utilities and 23% was sold to domestic and global steel producers. Effective October 31, 2007, Patriot was spun-off from Peabody Energy Corporation (Peabody).
12312 Olive Boulevard
Suite 400
St. Louis, MO 63141
(314) 542-2109
http://www.patriotcoal.com/
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