Patriot Coal Tries to Reduce Non-Union Benefits

Bloomberg reported that bankrupt miner Patriot Coal contiues to provoke the ire of its workers by asking to reduce or end benefits for nonunion retirees, amid worker protests for other cuts.

As quoted in the market report:

Patriot is seeking to trim costs by negotiating with unionized employees, and a hearing on the issue is set for April 29. The St. Louis-based company said it needs to shed at least $150 million more in labor expenses to avoid liquidating in bankruptcy, an outcome it says would be worse for retirees, employees and creditors.

To view the whole Bloomberg report, click here.