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.
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.