This is how seriously we need financing:
Even with $1bn in assets, mines have gone bankrupt. Good news is, if VHGI gets financing, you can expect the share price to soar 10~20x imo over a short period (say a month). Look at Patriot's assets according to news TODAY off Bloomberg:
Patriot Mine Workers Ratify New Union Contract
Union mine workers at Patriot Coal Corp. ratified a new five-year contract negotiated between the coal producer and the United Mine Workers union.
Patriot said the contract should allow the company to emerge from bankruptcy reorganization by the year’s end.
The bankruptcy court in St. Louis will hold a hearing tomorrow to approve the contract that modifies wages and retirement health benefits. The negotiated contract has fewer concessions than the contract the bankruptcy court authorized Patriot to impose.
Patriot negotiated with the union to avert a strike threatened if the company implemented court-authorized contract terms. For details on the contract, click here for the Aug. 14 Bloomberg bankruptcy report.
One of the largest coal producers in the U.S., Patriot filed for Chapter 11 reorganization in July 2012, listing assets of $3.57 billion and debt of $3.07 billion as of May 2012. The bankruptcy was moved from New York to St. Louis in December.
Patriot’s $200 million in 3.25 percent senior convertible notes due in 2013 last traded on Aug. 15 for 10 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The notes declined
31 percent since Nov. 13.
The $250 million in 8.25 percent senior unsecured notes due
2018 last traded yesterday for 44.367 cents on the dollar, down
16 percent since Nov. 13, Trace reported.
The case in Missouri is In re Patriot Coal Corp., 12-51502, U.S. Bankruptcy Court, Eastern District if Missouri (St. Louis).
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