TECO, Patriot transactions emblematic of dealmaking trends in Appalachia

Report summary

This week, two M&A deals underscore the dire state of the coal industry in Central Appalachia.  TECO Coal announced that it has completed a long-awaited sale to Cambrian Coal with no cash payment, only the assumption of most of TECO Coal's liabilities. In addition, Blackhawk Mining was named the winning bidder for the majority of assets of bankrupt Patriot Coal Corp.