Patriot Coal Corp. on Friday said efforts to firm up a deal with its bankruptcy lenders to finance the sale of its mines have led it to postpone its auction for a second time, the Wall Street Journal reported on Saturday. Patriot attorney Stephen Hessler on Friday told a Richmond, Va., bankruptcy judge that the proposed financing from its bankruptcy lenders is leading Blackhawk Mining LLC to revise its bid for the bulk of Patriot’s mines, which in turn will materially change the terms on which Patriot proposes to repay its creditors. As a result, Hessler said that the mining company will extend, albeit briefly, its sale timeline to allow any interested buyers a chance to submit a rival offer based on the new Blackhawk bid.
