Patriot Coal to idle West Virginia thermal coal complex

Patriot Coal (PCXCQ.OB) plans to idle its Logan County thermal coal complex in West Virginia, reducing eastern U.S. thermal coal production by ~2M tons/year.

Despite progress in the company's reorganization, thermal coal markets are extremely weak and prices have fallen well below production costs at many Central Appalachian mines, Patriot CEO Bennett Hatfield says.

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Comments (1)
  • monteath.treehousegroup
    , contributor
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    strong buy...value of probable reserves way up from july 2012 bankruptcy date. plus, company was 3.2 bil. assets and 2.6 in overall debt. +600mil. shareholders will fair well on new issue. Courts will appt. board of governors, and actuate a per share par value, this is shaping up just like the Mirant/GEN-On deal. Ironically enough, which were amongst patriots largest clients. Panama canal is coming, Appalachia coal seam will fair incredible wealth in reserves. Just look at what kinder-morgan is endeavoring on, all coal terminals in the southeast aon thru and over to panhandle.
    11 Sep 2013, 04:14 AM Reply Like
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