Patriot Coal and UMWA Reach Consensual Agreement
08/13/2013 - Patriot Coal Corporation announced that its signatory subsidiaries have reached a consensual agreement with the United Mine Workers of America regarding their collective bargaining agreements and the provision of healthcare benefits for UMWA-represented retirees.
"This represents the successful conclusion of a difficult negotiation in which both the UMWA leadership and Patriot management have invested many long days. Both parties want to preserve jobs and protect healthcare benefits for retirees by keeping Patriot on track for reorganization – and not liquidation," said Patriot president and chief executive officer Bennett K. Hatfield. "We appreciate the cooperation of the UMWA leadership and the sacrifices of all of our employees and retirees as we work to restore Patriot to viability."
The UMWA will be reviewing the terms of the agreement with its membership this week as it prepares for a ratification vote. The company will also be filing a motion with the Bankruptcy Court in St. Louis seeking authorization to enter into this agreement.
