Bloomberg Business on April 21 became the second major news outlet in a week to report that Patriot Coal Corp., which emerged from bankruptcy in late 2013, is exploring options to sell itself.
The company hired investment bank Centerview Partners LLC and restructuring advisory firm Alvarez & Marsal Inc. to help it examine reorganization options that include selling some or all of its assets, said an unnamed person. Patriot is in confidential discussions with its creditors to facilitate a deal, the person said. Bloomberg Business said that the Wall Street Journal reported recently that the company hired these two advisory firms.
Patriot, based in Scott Depot, West Virginia, emerged from bankruptcy in December 2013. It had moved its headquarters from St. Louis as part of the reorganization process in order to get closer to its mainstay mining operations in West Virginia. It also has mine assets in western Kentucky.
Patriot Coal announced April 13 that Michael D. Day has been promoted to the new position of Executive Vice President and Chief Operating Officer. He will report to Robert W. Bennett, the company’s new President and Chief Executive Officer.
Patriot Coal is a producer and marketer of coal in the eastern U.S., with eight active mining complexes in Northern and Central Appalachia. Patriot ships to domestic and international electricity generators, industrial users and metallurgical coal customers, and controls approximately 1.4 billion tons of proven and probable coal reserves.