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Keyword: coalbankruptcy

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  • Patriot Coal files for Chapter 11 bankruptcy

    07/09/2012 3:24:34 PM PDT · by Oldeconomybuyer · 18 replies
    Market Watch ^ | July 9, 2012 | by Matt Day
    NEW YORK--Patriot Coal Corp. filed for Chapter 11 bankruptcy on Monday, the largest casualty of the worst U.S. market for the power-plant fuel in decades. U.S. demand for coal has slumped this year as utilities favored cheaper natural gas, as prices of that fuel hit decade lows amid a supply glut. Coal miners, including Patriot Coal, have slashed production and laid off workers in an effort to match supply to weakening demand. Coal accounted for 35% of U.S. electricity generation during the first four months of the year, according to the Energy Information Administration, down from 44% during the same...