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, Bloomberg News reported today. The company listed assets and liabilities of more than $1 billion each in court filings yesterday in Richmond, Virginia. The company said that it’s engaged in negotiations for the sale of substantially all of its operating assets to a strategic partner. A group of secured creditors have committed to providing $100 million in financing during the bankruptcy, Patriot Coal said. Shipments and mining will continue as usual. The company emerged from bankruptcy in December 2013, slashing its debt to $545 million from $3.07 billion by selling assets and closing some mines.
