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Tuesday, July 10, 2012

Illinois Basin-affiliated Patriot Coal files for bankruptcy

Patriot_coalPatriot Coal became the first U.S. coal producer to file for bankruptcy in New York Monday.  A switch to natural gas for electricity is a major cause, Reuters reports. Upon the news, Patriot Coal stocks plummeted. Three Illinois Basin mines will be affected by the reorganization, all located in western Kentucky - Bluegrass, Dodge Hill and Highland.

The company's announcement is HERE.

Tuesday, July 10, 2012 at 07:04 AM |

Tags: bankruptcy, coal, Illinois Basin, Illinois Review, Kentucky, Patriot Coal

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