Penn Virginia feels pinch from Pen Holdings' financial woes

摘要

Penn Virginia Resources, the publicly traded coal and land-holding company, has told its shareholders that it is being squeezed by the bankruptcy proceedings at two of the large operators that lease its coal-AEI Resources and Pen Holdings.While AEI has continued to make minimum rental and royalty payments so far during its Chapter 11 reorganization proceedings, Pen Holdings has not made any payments this year due to force majeure by coal buyers, Penn Virginia said in its recent annual report with the Securities & Exchange Commission.