Patriot Coal to appear in bankruptcy court
- Monday, 18 March 2013 10:05
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St. Louis-based Patriot Coal is back in bankruptcy court today, much to the chagrin of coal workers, who say the company is trying to cut their retirement benefits. This afternoon, Patriot Coal will seek changes to their collective bargaining agreement with the United Mine Workers of America, saying the company can no longer afford to pay hefty benefits and health care coverage for union workers. In response, thousands of coal miners held protests last month in front of Peabody Energy Headquarters downtown. Peabody Energy is Patriot Coal's parent compant. Union leaders worry Peabody Energy will use Patriot's banruptcy to escape their own health care obligations. And they say Patriot is rewarding their highest executives with $7 million in bonuses. Patriot Coal says their reorganization is needed to save 4,000 jobs.
Last modified on Monday, 18 March 2013 10:09
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