Creditors: Patriot Coal Continues ‘Lurch Towards Liquidation’

Photo Courtesy of OTC Magic

Creditors and noteholders of Patriot Coal Corp. said the mining company should lose control of its bankruptcy reorganization next month to open the door to proposals from outside investors or a buyer.

On Monday, a committee of unsecured creditors including Aurelius Capital Management, Knighthead Capital Management, and the United Mine Workers of America filed separate objections to Patriot’s request for a four-month extension of its exclusive control over its bankruptcy.

This is just the latest in a series of difficulties for the troubled coal company, a spin-off of Peabody Energy Corp., as it struggles to survive in the current bear market of coal.

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