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yea a few went thru but not anymore.
17:22 T2 Hault
Yes halted.
stock is halted now.
Will be a good play once the bottom hits.
Patriot Coal Files for Chapter 11 Reorganization to Improve the Company's Long-term Prospects
5:08p ET July 9, 2012 (Benzinga)
Patriot Coal Corporation (NYSE: PCX), a producer and marketer of coal products in the eastern United States, announced Monday that Patriot and substantially all of its wholly owned subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. Patriot has taken this action in order to undertake a comprehensive financial restructuring.
Patriot expects its mining operations and customer shipments to continue in the ordinary course throughout the reorganization process.
CNBC NEWS REPORT THE COMPANY HAS INDEED FILED FOR BK.
IT'S ON RIGHT NOW.
EVERYONE that is talking about BK is quoting Bloomberg as being the source of the news.
No one else has came out and said anything.
Patriot Coal bonds slump, quote flat on report of imminent Ch. 11
Patriot Coal 8.25% notes due 2018 shed eight points on press reports a bankruptcy filing is imminent, to 33/37 and quoted flat, or without accrued interest, according to sources. A Chapter 11 filing is expected as soon as today, according to a Bloomberg News report, which tied Citi, Barclays, and Bank of America to DIP financing agreements.
Last week, the bonds had traded up several points, to the low 40s, on the hope of a refinancing combined with the fact that a lot of people thought the company had more time, sources have told LCD.
Other outlets have reiterated the Bloomberg story, which is itself an update of details provided by Debtwire June 22 about potential DIP financing. Bloomberg provided no new details except for the timing of the filing, and the quote on the 8.25% has actually only returned to levels reached following the original Debtwire report.
The stock, however, plummeted 72% today, to $0.61, an all-time low since going public in 2008.
Legacy holders of the bonds had been selling off over the past month, sources had told LCD, and soon after, the news of shopping DIP financing and a possible bankruptcy in light of a potential tripped covenant came out. The company's principal accounting officer resigned June 25. – Staff reports
up 15% in AH
I am a member of LCD and not a word from them at all.
https://www.lcdcomps.com/
membership is $10k a yr lol... nothing at all about anything.
No new news yet. Still same news from 1hr ago almost.
So far the BK is just a rumor, nothing has been filed.
There is one that was filed prior to BK.... Are you forgetting who owns this stock? institutional investors hold a big %.
a ton bought last week and today, I feel really bad for those that took a huge loss.
Well there is already a shareholder lawsuit in place FYI to everyone.
4:12-cv-01119-RWS Bozard v. Brown et al
Rodney W. Sippel, presiding
Date filed: 06/21/2012
Date of last filing: 07/06/2012
Case Summary
Office: St. Louis Filed: 06/21/2012
Jury Demand: Plaintiff Demand:
Nature of Suit: 160 Cause: 28:1332 Diversity - Stockholders Suits
Jurisdiction: Diversity Disposition:
County: St. Louis - County Terminated:
Origin: 1 Reopened:
Lead Case: None
Related Case: None Other Court Case: None
Defendant Custody Status:
Plaintiff: Randall Bozard represented by Jeffrey R. Schmitt
Phone: 314-726-1000
Fax: 314-725-6592
Email: jschmitt@dmfirm.com
Defendant: Bobby R. Brown
Defendant: Irl F. Engelhardt
Defendant: John E. Lushefski
Defendant: J. Joe Adorjan
Defendant: Janiece M. Longoria
Defendant: Michael M. Scharf
Defendant: Richard M. Whiting
Defendant: Michael P. Johnson
Defendant: Robert O. Viets
Defendant: Patriot Coal Corporation
$1.42 was when it was halted I think.
Where? Right now it's at $.63 AH
Nothing on my pacer account either which has BK cases filings.
Bank will finance but need to go thru BK i think.. we will see. hope everyone had there stop losses set.
The so-called debtor-in-possession financing is being provided by Citigroup Inc., Barclays Plc and Bank of America Corp., said the people, who asked not to be identified as the process is private.
They got finance but will have to go thru BK process.
some news is saying BK others said they got financing.
Patriot Coal Corp. (PCX), the U.S. fuel producer that has lost more than $7 billion in value, has lined up financing ahead of a bankruptcy filing that may come as soon as today, said two people with knowledge of the matter.
The so-called debtor-in-possession financing is being provided by Citigroup Inc., Barclays Plc and Bank of America Corp., said the people, who asked not to be identified as the process is private.
Patriot is the biggest casualty so far of the slump in the U.S. coal industry, which has seen tens of millions of tons of production cutbacks this year. Coal miners are struggling because of a combination of a warm winter, utilities switching some generating capacity to cheaper natural gas and regulatory moves to curb emissions from coal-burning power plants. U.S. coal use in the first quarter was the lowest for that period since 1988, according to the Energy Information Administration.
Patriot was spun off five years ago by Peabody Energy Corp. (BTU) The shares had tumbled 74 percent this year through July 6 after the company idled some of its mines. The company’s market value peaked at $7.5 billion in 2008.
Patriot, Citigroup, Barclays and Bank of America didn’t immediately return phone calls seeking comment.
The St. Louis-based company said in May it hired Blackstone Group LP as it worked with lenders to refinance $625 million of loans and credit facilities.
Chairman Irl Engelhardt took over as Patriot’s chief executive officer on May 29 after Richard M. Whiting resigned. The company reduced a 2012 forecast for sales of steelmaking coal on May 14, citing a potential default by a customer.
UPDATE: Patriot Coal to Get Dip Financing From Citi, Barclays. Bof
THEY GOT FUNDING
Today's News, July 9, 2012
3:35p
Patriot Coal Bankruptcy Filing Is Said to Come as Soon as Today -Bloomberg >PCX (Dow Jones)
3:33p
Patriot Coal Spikes Lower (Benzinga)
3:32p
Patriot Coal to File for Bankruptcy As Soon As Today (Benzinga
dont know I saw a flurry of buys we hit $2.03 then came down big.
yea that was strange. it shot up then straight down
No where, cant find anything. No filings at all.
where did i say I was short?
yes been halted.
wtf>? IS GOING ON?
lol come on folks, you guys listening to this BS all over again from SA... come on!! We are at close to $2
The next news that will come out will be regarding finance deal. Waiting is the key.
Hes shorting the stock.
Disclosure: I am short JRCC, PCX.
Is the stock being shorted again?
Stock is trying to break out. if we pass $2.06 we will see a nice breakout. many of those that sold on Friday want back in at a lower pps. So far its holding up pretty good.