Patriot Coal Files for Bankruptcy Protection in New York
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Patriot Coal Corp. sought bankruptcy protection after milder winters and a shift to natural gas sent coal demand to a 24-year low.
The St. Louis-based company’s Chapter 11 petition listed $3.57 billion in assets and $3.07 billion in debts. The filing in U.S. Bankruptcy Court in Manhattan said dozens of the company’s units would join in the filing.