Bankrupt Patriot Coal picks Blackhawk Mining as lead bidder

[Omaha Steve]

Last edited Wed Jun 3, 2015, 05:50 PM - Edit history (1)

Source: AP

By JOHN RABY

CHARLESTON, W.Va. (AP) — Blackhawk Mining LLC is offering to buy most of bankrupt Patriot Coal Corp.'s assets.

Patriot said Wednesday it's teaming with Lexington, Kentucky-based Blackhawk on a $643 million bid. The "stalking horse" bid would set the floor for an auction process that lets competitors make better offers.

The deadline to submit competing offers is Aug. 7. A judge would have to approve any final sale.

Patriot, based in Scott Depot, West Virginia, said it outlined the proposal in U.S. Bankruptcy Court for the Eastern District of Virginia.

FULL story at link.

Online:

www.blackhawkmining.com

www.patriotcoal.com

Read more: http://bigstory.ap.org/article/1e07515447f04b8a950ac9f69a68cee4/bankrupt-patriot-coal-picks-blackhawk-mining-lead-bidder

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This bankruptcy was a sham to beat the workers out of health and retirement benefits.

[benld74]

1. Patriot spun off from Peabody, especially to get rid of workers health and retirement benefits

ruling done in STL. Really sickening to see what transpired. Yet Peabody always has their commercials on the big boards at local Blues and Cardinal games. I make sure those around me(when I go) are told WHAT they did to their workers,,,,,,

[appalachiablue]

2. K & R

[Fred Sanders]

3. In civilized nations not ruled by corrupt corporations and their political lackeys, wages and benefits are not

lost in a corporate bankruptcy or even the most clever of mergers or divestures.

The erosion of worker rights is the direct consequence of political corruption on an industrial scale.