Patriot Coal, union reach deal to ease cuts

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.

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Comments (1)
  • samdehne
    , contributor
    Comments (952) | Send Message
    Today's lack of interest in this critical settlement
    is astounding.
    Coal will not be going away.
    And it looks like Patriot is going to be around with
    very competitive working contracts.. to be able
    to compete nose to nose with the "big boys".
    As a PCX stockholder I would be willing to agree
    to issuing some more shares from the coffers
    to help appease some of the losses the creditors
    are likely going to be taking.
    Maybe 1 additional share for them.. for every
    3 shares currently outstanding (93 million).
    13 Aug 2013, 11:38 AM Reply Like
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