Anglo American coal bidders down to three, say sources
The final bidders are down to Yancoal Australia, Stanmore Resources and Peabody Energy.
Struggling Patriot Coal (OTCMKTS:PCXCQ), one of the largest coal miners east of the Mississippi River, announced on Friday that it ratified a five year labour agreement with the United Mine Workers.
“Ratification of these agreements provides labor stability and ensures cost savings essential to Patriot’s plan of reorganization,” said Patriot President and Chief Executive Officer Bennett K. Hatfield in a news release.
“These agreements should set Patriot on a path to emerge from bankruptcy by the end of 2013.”
In March Patriot Coal filed for bankruptcy seeking to modify collective bargaining agreements and retiree healthcare benefits.
The company runs 11 active mining complexes in Appalachia and the Illinois Basin and controls 1.8 billion tons of proven and probable coal reserves.
