"Patriot Coal Corp. said it settled all health and pension-related claims against Peabody Energy Corp. in exchange for key funding, which would help the company emerge out of Chapter 11 bankruptcy by the end of the year," Reuters reports. The long-running feud centered around 3,100 retirees and their families, who stood to lose their health-care benefits.
"In an amended reorganization plan filed with a bankruptcy court on Wednesday, Patriot said Peabody has agreed to provide $310 million, payable over four years through 2017, to fund the health and pension benefits to settle all Patriot and United Mine Workers claims," Reuters reports. "Peabody will also provide about $140 million to Patriot in the form of letters of credit." The settlement will be presented to the bankruptcy court Nov. 6. (Read more)
"In an amended reorganization plan filed with a bankruptcy court on Wednesday, Patriot said Peabody has agreed to provide $310 million, payable over four years through 2017, to fund the health and pension benefits to settle all Patriot and United Mine Workers claims," Reuters reports. "Peabody will also provide about $140 million to Patriot in the form of letters of credit." The settlement will be presented to the bankruptcy court Nov. 6. (Read more)
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