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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Stocks

2 Things Fed Chairman Jerome Powell Just Said Upset Investors

2 Things Fed Chairman Jerome Powell Just Said Upset Investors

How to Invest Like Warren Buffett

How to Invest Like Warren Buffett

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer on the Problem With the Case for More Rate Hikes

Jim Cramer on the Problem With the Case for More Rate Hikes

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries