Coal company forced to file bankruptcy. The coal industry used to be a money making machine. Times have changed. The world has turned to cleaner forms of energy. The coal industry has now fallen on hard times. Companies are struggling to survive. Yet another company had to pay a visit to a bankruptcy attorney for help. Patriot Coal needed a bankruptcy lawyer in order to file a Chapter 11 bankruptcy. The company had simply run out of money. The bankruptcy filing saved the company. Without the filing, the company would have had to shut down its business operations. The company has suffered from the declining market for coal. All hope is not lost. It appears the best hope for survival is to find a buyer to buy the entire business inside the bankruptcy case. The bankruptcy lawyers have a lot on their plate. The future of the business and all of the company jobs are at stake. Patriot Coal is very optimistic a buyer can be found. The company stated its negotiations with a buyer for most of the company’s assets are at a highly advanced stage. The company went on to state that proposals and counterproposals have been exchanged. If everything goes according to plan, the company hopes to file a motion soon with the bankruptcy court. This motion will seek court approval for bidding procedures. This will be the first step to find a buyer for the company. The bankruptcy lawyers involved might have saved the future of the jobs of all the employees of the company. Thanks to the bankruptcy filing, a new buyer will give the business a chance at survival. A new owner with deep pockets could keep this venture going strong for many years to come. Bankruptcy attorneys will be working long and hard to make this deal happen.
Leave a Reply