Judge Says He'll Sign Off on Patriot Coal Asset Sale
A bankruptcy judge says Patriot Coal can sell its remaining assets at auction.
The Wall Street Journal reports that U.S. Bankruptcy Judge Keith Phillips said on Monday at a hearing in Richmond that he would sign off on Patriot holding an auction on Sept. 9. The bidding would be led off by the Virginia Conservation Legacy Fund.
Patriot announced earlier this month that it planned to sell some assets to an affiliate of the nonprofit. The assets include the Federal Mining Complex in northern West Virginia. The nonprofit also would acquire other mining permits for purposes of water quality improvement and reclamation.
Lexington, Kentucky-based Blackhawk Mining announced in June that it planned to acquire the majority of Patriot's mining operations. Rival bids are due Friday.