Two Patriot bondholders seek independent trustee

Apr 02, 2013 | 11:53 AM | Stacy Irish

Tags  Patriot Coal, Aurelius Capital Management, Knighthead Capital Management, United Mine Workers of America, UMWA, Janine Orf, Stacy Irish

NEW YORK — Two bondholders of bankrupt Patriot Coal Corp. are calling for an independent trustee to oversee the company’s asset disposal, arguing that most of the company’s 99 units in bankruptcy have no obligation to unions or retirees.

New York-based Aurelius Capital Management LP and Knighthead Capital Management LLC claim that the bankruptcy has been mismanaged because it assumes that all the company’s units have obligations to current and retired members of the United Mine Workers of America (UMWA) union. The companies say that only 13 units have such obligations,....

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