Sakari

Sakari: Another potential explanation for its drop today, could be the filing of bankruptcy by Patriot Coal in the USA, whereby the St. Louis-based company filed for Chapter 11 petition. Industry experts note that the coal industry is undergoing a major transformation and Patriot’s existing capital structure prevents it from making the necessary adjustments to achieve long-term success. Patriot note that lower thermal coal prices, canceled customer contracts and rising costs for environmental liabilities for increasing pressure on the company in recent months.