National News | Closings | Funerals | HighScore | Monday's Most Wanted | Local Jobs | TV Listings | Lottery | Bio's | More ›
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.

Add your Comment
You must have an active WDTV.COM user account to post comments. Please login to your account, or create your free account today!

Comments (0)
5 News Most Popular
WDTV on Facebook
WDTV on Twitter
WDTV on YouTube
Contact WDTV
WDTV Mobile App