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Updated, via Ken Ward (5/12/15): Patriot Files for Chapter 11, Again
From Ken Ward:
"Also late last month, the federal Office of Surface Mining had warned the state Department of Environmental Protection about the potential for huge water pollution treatment liabilities given the “precarious financial situation that many of the state’s coal companies find themselves in today.” Patriot is among the companies that have agreed to legal settlements that require expensive treatment to control toxic selenium runoff from its mine sites. Patriot also agreed to phase out the use of mountaintop removal mining in Central Appalachia.And: Patriot Coal files for bankruptcy.
“With the rise of affordable clean energy, stronger clean air and water protections, declining coal reserves, and an increasing realization that coal is the key contributor to climate disruption, companies like Patriot and its parent Peabody are now faced with the reality that coal is no longer king in America,” said Bruce Nilles, senior director of the Sierra Club’s Beyond Coal Campaign.
“It is critical at this moment for state, regional, and federal leaders to acknowledge the declining role of coal mining in the economic life of the region, and to chart a viable course for the region’s economic future,” Nilles said. “Mine operators like Patriot and Peabody Energy, together with the state of West Virginia and the federal government, must commit to do far more to ensure a just, equitable transition for the region’s workers.”
SNL: Patriot in 'advanced stage' of asset sales talks, discloses Illinois Basin deals | SNL
Patriot Coal, a spin-off of Peabody that aimed to shed pension and health obligations for retirees, now completing its mission: to go bankrupt while enriching as many executives as possible.
