[5] Patriot management advised its shareholders that it intends to use the reorganization process to address its financial challenges and make the company stronger and more competitive.
[6] Also on July 9, 2012, the company issued a letter to all retired workers that their medical programs are still in place and payments will be made as usual.
[7] The company has, however, made it clear that it intends to seek to reduce or eliminate its benefit obligations through the bankruptcy process, which it estimates to have a total present value of $1.3 Billion.
[9] On July 10, 2012, the company received interim bankruptcy court approval of a debtor-in-possession loan facility, giving Patriot access to $677 million in financing.
[13] On May 12, 2015, Patriot Coal Corporation and its wholly owned subsidiaries filed voluntary petitions for restructuring under Chapter 11.
[15] On November 15, 2012, the company signed an agreement with the Sierra Club to end the practice of mountaintop removal, a destructive forms of mining.