Patriot Coal filed for Chapter 11 protection Tuesday, less than two years after emerging from bankruptcy.
Patriot, which was spun off from Peabody Energy in 2007, was headquartered in St. Louis until earlier this year. The company is now based in Scott Depot, West Virginia, and filed bankruptcy in the U.S. District Court Eastern District of Virginia.
President and CEO Bob Bennett said “challenging market conditions” in coal led the company’s board and management team to make the decision. The company is in negotiations to sell its operating assets to a strategic partner.