Patriot Coal Corp. filed for chapter 11 protection along with nearly 100 affiliates filed for chapter 11 protection yesterday, Reuters reported. Patriot said that it had $3.57 billion of assets and $3.07 billion of debts, and has arranged for $802 million of financing to help it continue mining and shipments during the reorganization. "The coal industry is undergoing a major transformation and Patriot's existing capital structure prevents it from making the necessary adjustments to achieve long-term success," Patriot hairman and CEO Irl Engelhardt said. Patriot had also been hurt by its admission in May that a key customer might default on a sales contract, forcing the St. Louis-based company to seek a new loan package.
