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.
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