Reuters: Bankruptcy News: CEO of bankrupt Patriot Coal resigns, COO to take over

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CEO of bankrupt Patriot Coal resigns, COO to take over Oct 24th 2012, 13:42 Wed Oct 24, 2012 9:42am EDT Oct 24 (Reuters) - Patriot Coal Corp, which filed for bankruptcy protection in July, said Chairman and Chief Executive Irl Engelhardt has stepped down. Chief Operating Officer Bennett Hatfield has been appointed as the new CEO, the company said. Engelhardt has also resigned from the board. "We want to complete the reorganization of Patriot as swiftly and effectively as possible," Hatfield said in a statement. Patriot Coal's Chapter 11 case is being heard in the U.S. Bankruptcy Court for the southern district of New York. The company, which was spun off from Peabody Energy five years ago, has arranged for financing of $802 million to help it operate through the reorganization. Patriot also said it was forming a special oversight committee to evaluate various litigation matters, including the claims the company may have against third parties. Hatfield has held executive positions at Arch Coal Inc , Massey Energy Company and Coastal Coal Company.

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