Patriot Coal Files For Bankruptcy

coal miners

Photo: Coal Miners by George Luks

Patriot Coal just filed for bankruptcy.As expected, shares are getting annihilated.

“The coal industry is undergoing a major transformation and Patriot’s existing capital structure prevents it from making the necessary adjustments to achieve long-term success,” said CEO Irl Engelhardt. “Our objective is to use the reorganization process to address important issues in an orderly way and make the Company stronger and more competitive.”

Read the whole statement here >

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