Patriot Coal: Union and Suitors Agree to New Employment Pact

The Wall Street Journal reported that a union representing Patriot Coal (OTCMKTS:PCXCQ) workers and a company’s suitor had agreed to a new employment pact, averting potential bankruptcy for the company.
As quoted in the publication:

Patriot attorney Michael Slade said in bankruptcy court that talks between the company, the United Mine Workers of America union and proposed Patriot buyer Blackhawk Mining LLC yielded an agreement on “material terms” of a new collective bargaining agreement for Patriot’s unionized workers at what would be the postmerger company.
Representatives of Patriot, the UMWA and Blackhawk couldn’t immediately be reached for comment on Thursday.
Like a similar deal reached with the nonprofit organization hoping to buy a smaller subset of Patriot’s assets, this agreement is subject to ratification by union members. The union will ask its members to vote on the accord once the bankruptcy court has granted Patriot’s request to reject the existing collective bargaining agreements covering miners at Patriot.

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