On July 9, 2012, Patriot Coal Corporation and substantially all of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. Patriot is using the Chapter 11 reorganization process to make the changes necessary to survive and emerge as a long-term industry participant.
Since our filing, we have made significant progress in reorganizing our company. Specifically, we have:
- Obtained an $802 million debtor-in-possession credit facility;
- Decreased our cash outlays for capital expenditures and eliminated many unprofitable contracts;
- Renegotiated certain selenium water treatment deadlines;
- Reviewed the profitability and potential of each of our mining complexes in light of current and expected market conditions, resulting in the difficult decision to idle certain operations;
- Analyzed and taken steps to address costs associated with our labor and retiree obligations; and
Established a Bar Date of December 14, 2012.
Additional information including press releases, letters and Frequently Asked Questions for employees, retirees, customers, suppliers, and investors can be found on this site. Court documents and other information related to the reorganization proceedings are available at www.PatriotCaseInfo.com.