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Patriot Coal Files for Bankruptcy Amid Commodity Price Slump

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Patriot Coal Corp. joined at least a half-dozen other mining companies in bankruptcy court, filing for protection for the second time in less than three years amid a slump in the price of the commodity.

The company listed assets and liabilities of more than $1 billion each in court filings Tuesday in Richmond, Virginia. It said it’s engaged in negotiations for the sale of substantially all of its operating assets to a strategic partner.