t:(978)496-2090 f:(978)496-2002

In order to stay afloat financially, Patriot Coal Corporation files for Chapter 11 Bankruptcy, which includes a plan to cut a significant amount of retiree benefits for the employees of the company.

"(Reuters) - Patriot Coal Corp has asked a court to terminate about $1.6 billion in retiree health benefits for thousands of its unionized U.S. mine workers as part of its plan to survive Chapter 11 bankruptcy, a court filing showed.

Patriot said United Mine Workers of America's (UMWA's) labor costs are not competitive with other coal producers that operate 'under more flexible work rules and a significantly lower labor cost structure.'"

(Read full article)

Blog Archive

Powered by mod LCA