The destruction of our coal industry by Obama is proceeding perfectly. So 4,000 workers have to be sacrificed at the altar of global warming. Big deal. They’re just peasants. Al Gore, Leonardo Dicaprio, and our savior Obama don’t need coal to fuel their luxury jets and Air Force One. They say “Let Them Eat Sunshine”. We are on the verge of green energy independence. Everything would be perfect if Buffett’s oil trains would just stop derailing and blowing up every week.
FORWARD!!!!
Second Largest Coal Miner East Of The Mississippi Files For Bankruptcy: 4000 Patriot Coal Jobs In Peril
Submitted by Tyler Durden on 05/12/2015 09:23 -0400
At last check Patriot Coal had around 4000 employees. Those soon to be former employees will soon require yet another massive seasonal adjustment by the BLS to be “adjusted” out, because moments ago the second largest coal miner east of the Mississippi and the second largest producer of thermal coal in the eastern US filed Chapter 11 bankruptcy.
As part of its filing, the Peabody spinoff announced it had obtained a $100 million DIP, which will be sued to fund the company until it finds a “strategic buyer” or otherwise restructures its balance sheet. Alas, with the price of coal being where it is these days, the most likely outcome for ticker formerly known as PCX is an outright liquidation and another 4000 people in the rest belt left without jobs who, just like the case of Denny Ryder of Decatur, IL, will promptly disappear from the labor force so as not to spoil the US “recovery” propaganda.
Full Patriot Coal bankruptcy filing statement:
Patriot Coal Corporation (“Patriot” or “the Company”), a producer and marketer of coal in the eastern United States, today announced that it is engaged in active negotiations for the sale of substantially all of the Company’s operating assets to a strategic partner. The Company is also engaged in ongoing discussions with key stakeholders as it evaluates a range of strategic alternatives to maximize the value of its assets.
In conjunction with these activities, Patriot and its wholly-owned subsidiaries today filed voluntary petitions for restructuring under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia, in Richmond, VA. The Company intends to complete its review of strategic alternatives and present a value-maximizing restructuring plan to the Court as quickly as possible.
Patriot expects its customer shipments and mining operations to continue in the ordinary course during the restructuring process. The Company has received a commitment for $100 million in “debtor in possession” (“DIP”) financing led by a consortium of the Company’s secured debt holders to support its continued operations. Upon approval by the Court, the DIP financing, combined with cash generated from ongoing operations will provide sufficient liquidity to support the business during the restructuring process.
Bob Bennett, President and Chief Executive Officer of Patriot, said, “In light of the challenging market conditions, and after a comprehensive review of our alternatives, the Board and management team have determined that this process represents the best path forward for Patriot and its stakeholders. Patriot is dedicated to operational and environmental excellence and, as always, we remain committed to operating safely and serving our customers throughout this restructuring process. We greatly appreciate the continued support of our customers and our suppliers and the ongoing hard work of our employees.”
I think this demonstrates that everyone should have an eye on starting a small business of some kind. Whether it’s cutting grass on weekends, or selling stuff on EBay and Amazon, every rank-and-file W2 worker out there should be thinking about multiple income streams, NOW.
Then, rather than protesting with signs out front, which will accomplish nothing, you can get busy doing shit. What with all the free time you’ll have from not being employed, you can actually focus on ways to make yourself your own living.
A job seems like the greatest source of security, in terms of earning personal income. Ask those coal miners how they feel about that, now.
I’m sick and tired of companies and products being named “Patriot”,. “Liberty” etc.
How about names like Plunder Petroleum, Chop Top Coal (like mountain top), Poisoned Produce, Gulag Chicken Farms, etc.?
I can’t say I’m too sympathetic with the fossil fuel business, especially when they use their profits for whores (DC).
Tim..you’re right . I had a friend who was laid off from his job in 1987 . He had a jon boat and loved to fish. One day he caught a couple of hundred pounds of catfish at the Santee-Cooper lakes.A friend who owned a local diner offered to buy them once he had cleaned them. Well he made a few hundred bucks doing something he loved.
A few weeks later he got a commercial fishing license ( 50 bucks ) and started selling catfish on a major highway . He had a sign that read “Buck-Naked Catfish “. He made more money than when he was working at his former job . He stuck with it until it turned cold and he found an “Indoor Job” .
“Patriot” Coal Company…
Should be called “Blue Falcon” Coal Company.
From a few months back:
Patriot Coal idles 2 Kentucky Mines.
http://www.bizjournals.com/stlouis/news/2014/12/29/patriot-coal-idles-2-kentucky-mines.html
Those operations employ about 670 people and in 2013 produced 3.9 million tons of thermal coal, used to generate electricity.
Early this month, Patriot had warned workers at those mines that it was evaluating strategic options for the operations that could result in “substantial workforce reductions.” Officials said Dec. 5 that natural gas prices and EPA regulations continue to drive down thermal coal prices, resulting in operating losses at many U.S. mines.
Does this partially explain why the Appalachian corridor is the most economically depressed area in W.Va., Kentucky, etc? And why my electric bill is steadily climbing? This is just ONE coal company shuttering a couple mines… I know for a fact there are at least 4 others that have been shuttered, along with a couple power plants.
His Most Royal Majesty Onigger is simultaneously using the EPA as an enforcer to leverage coal companies into complying with his Royal Decrees and then skewing the market with regards to “green” energy and natural gas by making coal so damn uneconomical, the alternatives look great by comparison… in fact, the situation is so much of a stuttering clusterfuck, it’s actually cheaper to ship coal from Wyoming clear across the country to be used in our power plants than it is to use the coal we have in our own back yard…
I’d like to “strategically option” my fuckin’ foot in certain people’s asses, but that would be illegal…