Patriot Coal Files for Bankruptcy Protection in New York

http://www.sfgate.com/business/bloomberg/article/Patriot-Coal-Files-for-Bankruptcy-Protection-in-3694254.php

The company’s Chapter 11 petition listed $3.57 billion in assets and $3.07 billion in debts. The filing in U.S. Bankruptcy Court in Manhattan said dozens of the company’s units would join in the filing.

Patriot Coal, which has lost more than $7 billion in value, lined up financing ahead of the bankruptcy filing, said two people with knowledge of the matter.

The so-called debtor-in-possession financing is being provided by Citigroup Inc., Barclays Plc and Bank of America Corp., said the people, who asked not to be identified as the process is private.