SCOTT DEPOT, W.Va., Oct. 6, 2015 /PRNewswire/ -- Patriot Coal Corporation ("Patriot" or "the Company") (OTC Pink: PATCA), a producer and marketer of coal in the eastern United States, today issued the following statement:
Patriot issued supplemental WARN notices to employees in accordance with the terms of the agreements to sell a substantial majority of its assets to Blackhawk and VCLF. The supplemental WARN notices merely extend the notice period from the original WARN notice issued on August 3, 2015. The extension was necessary because of a delay in Patriot's bankruptcy case, which pushed back the expected closing date of the transaction from October 9 to October 23, 2015.
Patriot continues to expect that a majority of Patriot employees at its mining operations will be offered employment if the sale is completed. Patriot is continuing to work to complete the sale process and achieve a value-maximizing outcome for all of its constituents.
Court filings and other information related to Patriot's reorganization proceedings are available at a website administered by the Company's claims agent, Prime Clerk, at https://cases.primeclerk.com/patriotcoal.
About Patriot Coal
Patriot Coal Corporation is a producer and marketer of coal in the eastern United States, with 8 active mining complexes in Northern and Central Appalachia. Patriot mines, processes and sells bituminous metallurgical, thermal, and stoker coal to domestic and international electricity generators, metallurgical coal customers and industrial users, and controls approximately 1.4 billion tons of proven and probable coal reserves.
Michael Freitag / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE Patriot Coal Corporation