Patriot Coal wins court permission to enter union agreement


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.

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Comments (3)
  • samdehne
    , contributor
    Comments (929) | Send Message
     
    We wonder what that coal expert with the cowboy hat has to say about this? Does he think Patriot will do the honorable (and easy) thing and NOT cancel our PCX stock?
    On 29 May, 2012 hqtrs pledged to "protect stockholder value".
    That is all we Patriotic American PCX stockholders are asking.
    20 Aug 2013, 06:00 PM Reply Like
  • wigit5
    , contributor
    Comments (4365) | Send Message
     
    I wouldn't hold your breath on that... assume the worst that way anything but the worst is a pleasant surprise.
    21 Aug 2013, 12:39 PM Reply Like
  • wigit5
    , contributor
    Comments (4365) | Send Message
     
    I wouldn't hold your breath on that... assume the worst that way anything but the worst is a pleasant surprise.
    21 Aug 2013, 12:39 PM Reply Like
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