Patriot CEO: Givebacks or Liquidation
Written by Your 5News Team
Last updated on April 04, 2013 @ 6:25PM
Created on April 04, 2013 @ 1:32PM
CHARLESTON, W.Va. (AP) - The president and CEO of Patriot Coal says without union concessions from current and retired miners, the company will be forced into liquidation.
Bennett Hatfield made the assertion in a commentary published Thursday in the Charleston Daily Mail . He wrote that the company's liquidation would result in the loss of thousands of jobs and have a devastating impact on workers, their families, retirees and their communities.
Patriot filed for bankruptcy in July 2012. The St. Louis-based company has said its retiree health liability has ballooned to $1.6 billion. It's seeking to modify its collective bargaining agreement and create a trust fund for those costs.
The United Mine Workers of America has fiercely opposed the proposal.
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