Patriot Coal Reports $135.6 Million July Net Loss
Coal producer Patriot Coal Corp. filed an operating report for July showing operating costs exceeding revenue by $7.5 million.
The report filed with the U.S. Bankruptcy Court in Manhattan listed $134.8 million in revenue, resulting in a $32 million operating loss and a $135.6 million net loss.
Contributing to the net loss was $57.2 million in reorganization costs and a $41.8 million fee for financing the Chapter 11 effort.
Patriot is facing a hearing on Sept. 11 where the U.S. Trustee in New York, the mineworkers’ union, and several insurance companies want the case moved to West Virginia, where eight of the 12 mines are located. The official creditors’ committee and financial institutions are allied in Patriot’s favor urging the New York judge to retain the case.