U.S. Bankruptcy Judge Plans Approval of Patriot Coal Assets
A federal bankruptcy judge plans to approve the sale of West Virginia-based Patriot Coal's assets.
A federal website says a hearing could be held in Richmond on Friday if parties in the case don't agree on language in the judge's confirmation order.
Scott Depot, West Virginia-based Patriot says most of its operating assets will be sold to Lexington, Kentucky-based Blackhawk Mining LLC. The Virginia Conservation Legacy Fund plans to use Patriot's other mines and mining permits for purposes of water quality improvement and reclamation.
CEO and President Bob Bennett says the sale represents "the best possible outcome for Patriot and its stakeholders."
Patriot said earlier this week that it expects the sale to result in the layoffs of more than 2,000 workers in West Virginia.