Patriot Coal Said to Explore Sale Option in Second Restructuring

Patriot Coal Corp., the miner that emerged from bankruptcy two years ago, is exploring options to sell itself as prices for its commodity stagnate in the worst downturn in decades, according to a person with direct knowledge of the matter.

The coal company hired investment bank Centerview Partners LLC and restructuring advisory firm Alvarez & Marsal Inc. to help it examine reorganization options that include selling some or all of its assets, said the person, who asked not to be named because the information isn’t public. Patriot is in confidential discussions with its creditors to facilitate a deal, the person said.