Judge Rules Patriot Coal Can Scrap Union Contracts
A judge has ruled that Patriot Coal can cut health care and pension benefits that were promised to coal miners through collective bargaining agreements with the union. Last summer, Patriot Coal filed for bankruptcy. The company is a spinoff that included some Peabody Energy andArch Coal operations in Appalachia, and Patriot said it couldn’t handle the estimated $1.6 billion liability for retiree health care costs it inherited from the other companies. Read more...