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Patriot Coal Looking To Terminate Retiree Health Benefits; Actions For Survival Of Patriot
Mar. 15, 2013 02:00PM PST
Industrial Metals InvestingPatriot Coal Corp has gone to court to request the termination of roughly $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 Coal Corp has gone to court to request the termination of roughly $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.
As quoted in market news:
Patriot Coal, which filed for bankruptcy last year, was spun-off from Peabody Energy Corp five years ago and later acquired an Arch Coal business. On Thursday, Patriot filed a lawsuit against Peabody to ensure that Peabody “does not attempt to use Patriot’s bankruptcy to escape Peabody’s own healthcare obligations to certain retirees.”