Patriot, Creditors Ask For Probe Of Peabody Energy

Photo Courtesy of St.Louis Post-Dispatch

Patriot Coal Corp. and its creditors want court approval to subpoena Peabody Energy Corp. for internal email, financial projections and other documents that could be used to make a claim against the St. Louis-based coal giant.

The filing Tuesday in U.S. District Court in St. Louis is part of an investigation into whether the 2007 spinoff constituted a “fraudulent transfer” under federal bankruptcy law.

Patriot Coal filed for Chapter 11 protection on July 9. Almost since that time, the United Mine Workers of America, the union that represents thousands of current and former Patriot and Peabody employees, has questioned the motive behind Peabody’s spinoff of its eastern U.S. coal operations.

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