Patriot Coal Files for Bankruptcy Protection in New York

http://www.bloomberg.com/news/2012-07-09/patriot-coal-files-for-bankruptcy-protection-in-new-york.html

Patriot Coal Corp. (PCX) filed for bankruptcy after milder winters and a shift to natural gas sent coal demand to a 24-year low.

The company’s Chapter 11 petition listed $3.57 billion in assets and $3.07 billion in debts. The filing in U.S. Bankruptcy Court in Manhattan said dozens of the company’s units would join in the filing.