Friday, 12 April 2013 03:11
Patriot Coal offers miners stake in company
Patriot Coal is offering the mine workers union a 35 percent stake in the reorganized company. The offer is aimed at winning support for benefit and wage cuts for thousands of active miners, retirees and beneficiaries. The St. Louis Post-Dispatch reports that Patriot sent the offer to the United Mine Workers of America on Wednesday.
The move comes less than three weeks before the Creve Coeur-based coal producer and the union are set to clash in a bankruptcy hearing after negotiating over the proposed cuts for months. Patriot says it must cut $150-million in operating expenses in order to survive. The company says they only place left to cut is wages and benefits.
Patriot spun off from St. Louis-based Peabody Energy in 2007, and filed for Chapter 11 bankruptcy protection in July of last year.
The UMWA has organized several demonstrations outside Peabody's downtown headquarters since then. The union argues that Peabody should maintain responsibility for Patriot's obligations to it's union workers, especially retirees.
Published in
Local News
Latest News
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
OB/GYNS TOLD ROBOT HYSTERECTOMY NOT BEST OPTION
WASHINGTON (AP) -- Pricey robotic surgery shouldn't be the first or even second choice for most women who need a hysterectomy, says advice issued Thursday to doctors who help those...
OFFICIALS ALARMED BY INCREASING SUPERBUG REPORTS
NEW YORK (AP) -- Health officials are reporting an alarming increase in some dangerous superbugs at U.S. hospitals. These superbugs from a common germ family have become extreme...
STUDY: FISH IN DRUG-TAINTED WATER SUFFER REACTION
BOSTON (AP) -- What happens to fish that swim in waters tainted by traces of drugs that people take? When it's an anti-anxiety drug, they become hyper, anti-social and aggressive, ...
POLL: AGING US IN DENIAL ABOUT LONG-TERM CARE NEED
WASHINGTON (AP) -- We're in denial: Americans underestimate their chances of needing long-term care as they get older - and are taking few steps to get ready. A new poll examine...
WOMAN WHO SMOKED THROUGH HOLE IN THROAT DIES
LOS ANGELES (AP) -- A woman who smoked a cigarette through a hole in her throat to illustrate her struggle with nicotine addiction in a California public service advertisement has ...
CLUES TO WHY MOST SURVIVED CHINA MELAMINE SCANDAL
WASHINGTON (AP) -- Scientists wondering why some children and not others survived one of China's worst food safety scandals have uncovered a suspect: germs that live in the gut. ...
NEED SURGERY? GOOD LUCK GETTING HOSPITAL COST INFO
CHICAGO (AP) -- Want to know how much a hip replacement will cost? Many hospitals won't be able to tell you, at least not right away - if at all. And if you shop around and find ce...
LEAD POISONING TOLL REVISED TO 1 IN 38 YOUNG KIDS
NEW YORK (AP) -- Health officials say more than half a million young children are now believed to have lead poisoning in the United States. The figure is roughly twice the previ...
