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Yea they do, hope they burn soon.
Fiance news will get us to $3+ plus maybe a nice short squeeze even more.
EOD sellers cashing out.
Once the market gets news that the deal is done the pps will adjust and confidence will be restored. They brought in a new CEO that has been in the industry for 30yrs+, I dont think he would come in to clean house and file BK.
No or else there would be no BK talk.
The deal was not closed, last months PR just stated this only that they have a commitment letter that is all. nothing else.
Word on the streets is fiance news is on the way. imo
dont wait to long, gl
We seeing some serious buying, maybe news around the corner
James River also down big they too have been downgraded to CCC-, etc...
nice buys coming thru....
Could very well be but I dont think the company wants to sell on the cheap. If they get the fiance deal in place we are set and will be ok along with the pps. I think that is focus now is to get the deal done and the stock and company will recover.
Good post from the Y board... Makes sense.
New CEO comes to file Chapter 11?? 13 minutes ago
A man of all the experience Irl F. Engelhardt comes all the way from Peabody to spend 1 month in PCX & file Chapter 11??why they couldn't get it done with a local guy?:):)
Guys,please behave like educated materials.The new CEO is a forbes mention worthy person with experience more than my age and he is a rock star by history.This guy has come here to ensure banks trust him with his past and give PCX the required funding to keep it afloat...This will not die anytime soon...Wake up guys...Buy it at this price..Bounce to 1.50$ is 2-3 days away....
The closer we get to the 30th the more blood we might see, just hold on to your hat.
Here is what the rumor mill is saying...
Patriot Coal 8.25% notes due 2018 fell four points, to 33/37, on a Debtwire report that the embattled company could breach its leverage covenant by the end of the month and is seeking potential DIP lenders, according to sources. Only odd lots have changed hands, in the high-30s, but the market quote is an all-time low for the $250 million issue of CCC/Caa2 senior notes, which were in the mid-90s at the outset of the year, trade data show.
Patriot had amended its credit agreement in January via Bank of America changing the maximum-leverage ratio to 4x for the period ending March 31, 4.25x through June 30, 3.75x through Sept. 30, and 3x thereafter. The minimum-interest-coverage ratio became 2.25x through June, then, 2.75x through September and 3x thereafter. Debtwire reported the company is "expected" to trip the leverage covenant June 30, citing sources. But others who are bullish on the credit say they don't expect that to be the case even though it is possible, given the uncertainties facing coal names recently, according to sources.
As LCD reported, legacy holders of the 8.25% have been selling off their existing positions but have not yet organized before finding out the fate of the stalled financing led by Citi. The Debtwire report noted that an ad hoc group of holders of the $200 million in 3.25% convertible notes due May 2013 have organized with legal advisor Stroock & Stroock & Levan. Sources say the convertible notes are well out of the money right now and are subordinate to the 8.25% notes.
Patriot started to see a precipitous drop in its bonds after a series of adverse news pushed them down 30% in May. Also in May, Citi, Barclays and Natixis were about to launch a new $250 million revolving credit line due 2016 and a $375 million second-lien term loan due 2017. Proceeds were to be used to refinance existing debt and the convertible notes due next year, the filings show.
The bank meeting was scheduled for the May 15, but Patriot announced that same day a “key” customer was defaulting on a contract that would have an impact on Patriot's numbers going forward. There is still debate over whether this will be enough of an impact to derail the financing.
News emerged shortly thereafter that the company hired Blackstone Advisors while trying to culminate a recently announced refinancing. The bonds plummeted 25 points in the span of 24 hours during May 21 and May 22, to the 40s.
Trying to stop the rapid decline in both the bond and the share price of its publicly traded equity PCX, Patriot gave what it called an “update” that day on the financing, along with a letter from its then CEO, saying it continued to work with these lenders to strengthen its finances, including the replacement of its current credit facilities before certain of its debt obligations become due in March 2013.
In addition to hiring Blackstone, the company said it hired Davis Polk & Wardwell LLP, to help “achieve an optimal financing package.”
The company then announced a new leadership team May 29, including inserting the board chairman Irl Engelhardt as CEO to take over for Richard Whiting, who had headed the company since 2007.
St. Louis, Mo.-based Patriot produces thermal coal and has operations and coal reserves in Appalachia and the Illinois Basin. – Max Frumes
Maybe they are waiting for the big news about finance, why put something out if they are close to announcing the finance deal.
They called a sell on another stock as well yesterday and it went down. There a bunch of pumpers and dumpers. problem is they have a big following.
Every time Seeking Alpha puts out a negative spin we dive. They started the BK rumor again yesterday.
I can almost bet that the new management is looking to expand more in overseas markets. All we need is a small piece of positive news and this baby will recover back to $3+
Because this stock has become a day traders stock. Why would any one hold this stock if they can flip and make some money or even better sell and rebuy at the right time.
No one tells anyone how to invest. Just because I sold it does not mean I did not rebuy or will or will not.
The BK case has not started yet and I think we will see a lower pps so the risk of "making money" with this stock is to risky. I will wait to reenter around .01 because then I think the risk is worth it FOR ME.
I am sorry you feel that way.
Seeking Alpha is once again running the BK rumor mill today from the news letter I received from them.
Does anyone think we make for a hostile take over at this pps?
Either we are a buyout target or we will get news of the fiance package that we have been able to secure, Your right it's a shorts game right now and with all the news coming out in the last few weeks with a negative spin they are having a ball.
No you posted only SOME of what the term sheet states. I posted everything.
1 week or so left in the quarter. I can see us bouncing back by yrs end with the new management in place. We really need to close to finance deal so the shorts can eat it.
Glad I sold here, I see this hitting .01 soon imo.
No you are reading the agreement wrong. It does not state that at all.
Here is what is worrying investors. The rumor mill that...
Patriot Coal principal accounting officer resigns
Patriot Coal announced that it replaced its principal accounting officer who resigned effective June 22, according to a filing with the Securities and Exchange Commission late Friday. The announcement capped a day in which the St. Louis, Mo.-based coal producer's bonds plunged yet again due to reports of a potential covenant breach at the end of the month, necessitating management to shop for DIP financing.
The officer stepping down is Christopher Knibb, whose role will be taken over by the current CFO Mark Schroeder, according to the announcement. Knibb was promoted to the position in October 2011 from his position as a VP and controller. Replacing Knibb is the latest personnel shift in an ongoing shakeup for the company, which had already announced a new leadership team May 29, including the insertion of the board chairman Irl Engelhardt as CEO to take over for Richard Whiting, who had headed the company since 2007.
Patriot did not respond to a request for comment by press time.
A round lot of Patriot’s 8.25% notes due 2018 traded at 36 Friday afternoon, the middle of a 33/37 range reached earlier that day as the notes plunged to an all-time low, according to trade data. The CCC/Caa2 senior notes were in the mid-90s at the outset of the year, trade data show. Only odd lots have traded at 38 today.
Patriot also has $200 million in 3.25% convertible notes due May 2013 outstanding that are subordinate to the 8.25% notes. – Max Frumes
yes, look at EK's emails.. and look what he told us.
wow i hope they do that to me. all my phone calls come unmasked. what did u email them
I dont think chuckle is the right word, I think more as in sad... The DD and was very good here. I think shareholders were duped here.
Most likely if this is a pre packaged BK commons will get something, Here is a similar company where shareholders got 5%.
Houghton Mifflin emerges from Chapter 11
Houghton Mifflin Harcourt Publishing Company emerged from Chapter 11 on June 22, the company announced late Friday afternoon, “after meeting all closing conditions to the company’s plan or reorganization.”
As reported, the bankruptcy court in Manhattan overseeing the company’s bankruptcy confirmed the company’s prepackaged reorganization plan a day earlier, on June 21 (see “Houghton Mifflin nets plan confirmation,” LCD, June 21, 2012). The company filed for Chapter 11 on May 21, so the case lasted only 32 days.
In a prepackaged bankruptcy, a company conducts the vote solicitation for its reorganization plan prior to filing its Chapter 11 case, allowing it to get through the court process – which is essentially used to confirm that the pre-filing voting process met all legal requirements set forth in the Bankruptcy Code – quickly, typically in 30-60 days.
As reported, under the terms of the company’s plan, Houghton will convert its existing bank and bond debt into 100% of the undiluted equity in the reorganized company. Trade and other unsecured creditors, meanwhile, will be paid in full in the ordinary course, and existing equityholders are to receive warrants exercisable for up to 5% of the new equity.
The company has said the restructuring would eliminate $3.1 billion of debt and reduce current annual cash interest costs by roughly $250 million
1st its 3 pages and 2nd I have my own group that I share it with. Good luck.
Exactly. That is the issue.. Gee I wonder why the company Attorney sent ME a letter and wants to me to respond to it.
As long as shareholders are divided the company wins. I have been thru this before with the wamu case and there is a reason why shareholders got something.
I can only say that I am only as strong as the backing of my fellow shareholders.
Yes your right I do not know how they got my address that is the 1st thing I thought. No this letter is not from my broker because it would have them written all over it. This came directly from the companies attorney.
I got a letter from the company's attorney, Addressed directly to me. I was gone the whole weekend and when I got back today I saw it in the mail.
Letter is dated 6/17
At the end of the letter it states
" I kindly request that you confirm to me, in writing that and that no further action will be taken against the debtor.
Should you have any questions, please do note hesitate to contact the undersigned.
Thank you for your anticipated cooperation in this matter.
Jonathan S. Pasternak.
BECAUSE I WANT TO SEE IF HE SENT ONE TO ANYONE ELSE.
YES I HAVE.
HAS ANYONE RECEIVED A LETTER FROM THE ATRINSIC ATTORNEY?
Coal India to supply 65% of contract in first year
The Prime Minister’s Office (PMO) on Friday asked Coal India Ltd (CIL) to import coal to meet the shortfall.
The PMO is understood to have agreed to the new supply model proposed by CIL wherein supplies would start from 65 per cent in the first year of signing the fuel supply agreement (FSA) and go up to 80 per cent in the fifth year.
But the public sector miner will to have to pay higher penalty if supplies fall beyond the contracted volumes and not just 0.01 per cent, as decided in the current FSAs.
“We will be approaching the Coal India board. They will take the final decision. Demand has to be looked in many ways — whether you are going to supply on annual contracted supply or going to supply at trigger value, which can be 65-80 (per cent). All these things have to be worked out,” the Coal Secretary, Mr S. K Srivastava, told reporters after the PMO review meeting.
According to estimates, Coal India may fall short of nearly 45 million tonnes annually. To meet this gap, it may have to import 30 million tonnes. The Coal Ministry and Coal India are exploring the option of MMTC or STC acting as nodal agency and import on behalf of Coal India.
Coal India has proposed to supply 65 per cent of the fuel demand for the first three years after the signing of FSA. The miner would supply 72 per cent of the demand in the fourth year and 80 per cent in the fifth year.
“All issues regarding FSAs, coal block auction policy and de-allocation, among others, have been discussed. This is a continuous process. We have not taken a final call on many issues,” he said.
DE-ALLOCATION
An inter-ministerial panel will review de-allocation of 58 coal mines, Mr Srivastava said. The panel is to be headed by the Additional Secretary of Coal Ministry, Ms Zohra Chatterji, with representatives from the Ministries of Power, Steel and DIPP, Finance, Law; and Chairman of CMPDIL.
Private power producers, however, are not in favour of the development. “Sixty five per cent of the 85 per cent supply committed under Letters of Assurance (LoAs) would imply plant load factor of 55 per cent, which is far below the normative availability factor of 85 per cent,” said Mr Ashok Khurana, Director General of Association of Power Producers (APP).
He said if this measure is not accompanied by bulk coal imports to meet the deficit for normative availability, price pooling and across-the-board tariff revisions to reflect blended fuel price, the outcome would be disastrous for the power sector.
Siddhartha.p@thehindu.co.in
Keywords: PMO, Coal India, import, coal, shortfall
http://www.thehindubusinessline.com/industry-and-economy/article3559506.ece
What up chin, was pcx part of the list?