Peabody says mine workers' union rejected Patriot Coal settlement offer

|About: Peabody Energy Corp. (BTUUQ)|By:, SA News Editor

Peabody Energy (BTU -1.1%), which created now-bankrupt Patriot Coal (PCXCQ.OB) through a spinoff, says an offer to settle claims relating to healthcare benefits for ~3,100 Patriot retirees was rejected by the United Mine Workers of America.

BTU says its August offer to settle all claims with the union could have been used to provide the retirees with lifetime healthcare benefits comparable to those of BTU's active corporate employees.