- Patriot Coal (PCXCQ.OB) wins court approval of a hard-fought agreement with the mining company’s union, paving the way toward an exit from bankruptcy this year.
- The new agreement calls for wage changes including raises of $0.50/hour every year during 2015-18 and health care benefits similar to those of non-union employees.
- The bankruptcy judge also grants Patriot’s request to change its loan agreement to avoid a default; the amendment drops an earnings threshold to $101.3M vs. $205M under the previous agreement.
Patriot Coal wins court permission to enter union agreement
Aug 20 2013, 16:59 ET