News Summary: Patriot Coal Bankruptcy Filing
The Associated Press
THE FILING: Coal mining company Patriot Coal Corp. on Monday filed for Chapter 11 bankruptcy protection. Coal companies have struggled with lower prices and demand in the U.S., and Patriot said it is also dealing with rising costs related to environmental regulations and other issues.
STILL OPERATING: The St. Louis company said it expects to continue mining and shipping, and it secured a commitment for $802 million in financing from several banks.
THE INDUSTRY: U.S. utilities and other businesses have been switching to natural gas from coal to take advantage of lower prices.
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