I guess another question is, can someone (e.g. China or India) come in and buy it from everyone?
It would be wise not to get ahead of yourself and connect dots that cannot be connected yet.
I think re-structuring the debt will go fairly smoothly. The problem will be with re-structuring a deal with the Union. Time is everybodies enemey here because of the costs (professional fees) involved to wage war. Unions have proven they'll burn down any companys' barn ...even if they're in it. Go figure ...it is what it is. Expect a long drawn out battle with the Union.
That battle may prove to be the difference between legacy shareholders retaining some interest ...and being wiped out completely.
As to the question who may ultimately end up with Patriot Coal after the BK is confirmed (if it doesn't go to Ch 7) - Is anyones guess. its true China and India have a great need for coal and may be interested in buying it after the new owners gain control but sometimes you don't need to own the cow to get the milk...know what I mean. Patriot Coal will still have Union workers once this is over and those country's aren't known for running Union shops. And it may be more headache than its worth in their view. Its like home-ownership...it can be cheaper, and with far less liabilities/entanglements, to rent a house than it is to own one. When you don't need it anymore you just move out...maybe in a year or so someone has a better and cheaper "house" to rent so you simply change your address. It happens in the coal business too. In fact isn't that one of the reasons Patriot is in trouble now :~O
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