Patriot Coal Corp. files for Chapter 11 bankruptcy protection for 2nd time in 3 years

MarketsAssociated Press

Patriot Coal Corp. has filed for Chapter 11 bankruptcy protection for the second time in three years.

The company made the filing Tuesday morning in U.S. Bankruptcy Court for the Eastern District of Virginia. It had emerged from an earlier bankruptcy case in December 2013 in Missouri.

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Patriot says it's involved in active negotiations for the sale of its operating assets to a strategic partner.

Patriot has eight active mining complexes in West Virginia. It is based in Scott Depot and employs about 2,900 people.

United Mine Workers of America spokesman Phil Smith says the union was reviewing the filing. He declined immediate comment.