Patriot Coal, union reach deal to ease cuts

|About: Patriot Coal Corp. (PCXCQ)|By:, SA News Editor

Patriot Coal (PCXCQ.OB) and the United Mine Workers of America have reached an agreement that will soften wage and benefit cuts that have been authorized by a bankruptcy judge.

While details weren't released, the UMWA said the deal includes improvements to wages, healthcare, paid time off and pensions, with retiree healthcare benefits to continue.

Patriot now needs the approval of the bankruptcy court to enter into the agreement, which will be the subject of a worker vote on Friday.