Patriot Coal Corp. is in “active negotiations” with an unnamed strategic buyer, hoping for a deal to aid it out of bankruptcy.
The West Virginia coal-mining company announced the prospect of a sale of all of its operations as it returned to chapter 11 protection Tuesday, less than two years after emerging from bankruptcy.
President and Chief Executive Bob Bennett said “challenging market conditions” prompted Patriot to seek court protection once again. Secured lenders have agreed to back Patriot’s continued operations with a $100 million bankruptcy loan.
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