Follow Reuters Facebook Twitter RSS YouTube Shares nudge up, gains seen capped before China data TOKYO - Asian shares crawled higher on Tuesday after sharp losses the day before but gains were limited as investors, worried about a global economic deceleration, waited for Chinese trade data due later in the day that could set the tone for risk appetite. » More Business News "Small business" hard to define in Bush tax cut debate WASHINGTON - Republicans blasted President Barack Obama on Monday for punishing small businesses with his push to let low tax rates on the wealthy expire, but the truth is more complicated. » More Small Business News China denounces EU airline carbon law, seeks talks BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law. » More Green Business News Investing Tools Hot Stocks Stock Screener Fund & ETF Screener Portfolio Pictures Brothers Wade and Gary Rempel the rodeo pick up men chase down a bucking horse during the 100th anniversary of the Calgary Stampede Rodeo in Calgary, Alberta, July 7, 2012. REUTERS/Todd Korol (CANADA - Tags: SOCIETY SPORT ANIMALS) Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Photo Floods sweep Russia Over a hundred people were killed in flash flooding in southern Russia. Slideshow An underwater view is seen of the swimming pool at the Olympic Aquatics Centre in London February 17, 2012. REUTERS/Eddie Keogh Olympic venues A look at the stadiums and venues for the upcoming 2012 Olympic Games in London. Slideshow Patriot Coal files for bankruptcy protection

Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to cheaper natural gas.
The company and nearly 100 affiliates were part of the Chapter 11 filing in the U.S. bankruptcy court in Manhattan. Patriot said it had $3.57 billion of assets and $3.07 billion of debts, and has arranged for $802 million of financing to help it continue mining and shipments during the reorganization.
Coal producers' shares have plummeted as natural gas prices tumbled to the lowest in a decade this year, and the U.S. Environmental Protection Agency proposed new rules that would make it nearly impossible to build coal-fired power plants.
Patriot said these factors, weaker economies worldwide and the cancellation of customer contracts led to reduced liquidity and financial flexibility.
While still the largest single fuel for electricity, coal's share fell to 36 percent in this year's first quarter from 45 percent a year earlier, according to the Energy Information Administration.

Read more: http://www.reuters.com/article/2012/07/09/us-patriot-bankruptcy-idUSBRE86816620120709