This article focuses on the second bankruptcy filings, and particularly on recent bankruptcies of Patriot Coal and A&P. Both companies emerged from chapter 11 reorganizations in the last five years and now find themselves back in bankruptcy court. As is common in restructurings colloquially referred to as “chapter 22″ proceedings, both Patriot Coal and A&P have switched their reorganization strategies to pursue sales of substantially all of their assets.
Patriot Coal
On May 12, 2015, Patriot Coal Corp. and affiliated debtors filed petitions for relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia in the face of challenging coal market conditions.
