“The Coal Industry is going to go bankrupt because of President Obama’s boot against their throat”
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Here’s the article on Patriot Coal going bankrupt:
Patriot Coal Files For Bankruptcy Protection In New York
By Tiffany Kary and Dawn McCarty | Bloomberg
Patriot Coal Corp. (PCX) sought bankruptcy protection after milder winters and a shift to natural gas sent coal demand to a 24-year low.
The St. Louis-based company’s Chapter 11 petition listed $3.57 billion in assets and $3.07 billion in debts. The filing in U.S. Bankruptcy Court in Manhattan said dozens of the company’s units would join in the filing.
“The coal industry is undergoing a major transformation and Patriot’s existing capital structure prevents it from making the necessary adjustments to achieve long-term success,†Chief Executive Officer Irl F. Engelhardt said in a statement that cited lower thermal coal prices, canceled customer contracts and rising costs for environmental liabilities for increasing pressure on the company in recent months.
Patriot already has a loan to finance operations in bankruptcy and expects its mining operations and customer shipments to continue through the case, the company said in its statement. The $802 million loan, which still requires court approval, is through Citigroup Global Markets Inc., Barclays Bank Plc and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint lead arrangers. …read more
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And here is the Emperor making the promise to put the coal industry out of business.