Reuters: Bankruptcy News: UPDATE 1-Patriot Coal to seek bankruptcy - report

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UPDATE 1-Patriot Coal to seek bankruptcy - report Jul 9th 2012, 20:34 Mon Jul 9, 2012 4:34pm EDT July 9 (Reuters) - Patriot Coal Corp is expected to seek bankruptcy protection as early as today and has lined up financing, Bloomberg News reported on Monday. A Patriot spokesman was not immediately available for comment. Patriot in May said it was talking with lenders including Citigroup Global Markets Inc. and Barclays Bank PLC about a new $625 million loan. It also said it had hired the Blackstone Group to work on the financing. Bloomberg reported on Monday that Citigroup, Barclays and Bank of America would provide Patriot with bankruptcy financing. Representatives for the banks were not immediately available for comment. Shares in Patriot slumped 63 percent in late trading to about 78 cents, pulling down shares in peers such as Alpha Natural Resources, Peabody Energy and Arch Coal . The Saint-Louis based coal producer has been struggling as prices have fallen for coal used in both power plants and steel making.

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